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Commission approves Mission Rock term sheet and ENA amendments for Seawall Lot 337
Summary
The Port Commission approved a term sheet and second amendment to the exclusive negotiating agreement for Seawall Lot 337 and Pier 48 (Mission Rock), endorsing a mixed‑use development with housing, office space and public open space; commissioners noted oversight and park‑phasing concerns raised by residents and community groups.
The Port of San Francisco voted to approve a term sheet and a second amendment to the exclusive negotiating agreement (ENA) with Mission Rock team representatives for Seawall Lot 337 and Pier 48.
Phil Williamson, the port’s project manager for the site, summarized the proposed development: up to 3.6 million square feet of total development, as much as 1.7 million square feet of office space, up to 1,500 residential units, approximately 200,000 square feet of retail, and more than eight acres of open space. Williamson said the project is privately funded and proposed to be publicly owned and paid for with a mix of developer equity (initially cited as $100 million), CFD and IFD bond proceeds, participation rent and other mechanisms.
"This location is one of the best locations in San Francisco, the Bay Area, perhaps the West Coast for real estate development of this magnitude," the project team said as they presented a pro forma that estimated new ongoing revenues of about $21.5 million per year and one-time development fees roughly $60 million.
Public testimony at the hearing was lengthy and largely supportive. Labor unions, neighborhood associations, the San Francisco Chamber of Commerce, SPUR and Anchor Brewing spoke in favor, citing local jobs, manufacturing retention and neighborhood benefits. Supporters asked the port and developer to prioritize local hiring, apprenticeship opportunities and early delivery of park space.
Neighbors and CAC representatives urged limits on building heights, clearer commitments on park phasing and continued community engagement. Corinne Woods asked that early community concerns be codified, and several speakers pressed for specific mechanisms to ensure local hire and park sequencing.
After discussion about risk, oversight and timing, commissioners moved and approved the term sheet and the ENA amendment by voice vote; the staff reported the resolution as approved. Port staff said the next steps include Board endorsement, entitlement (CEQA, rezoning), a state public‑trust consistency study (SB‑815 referenced) and negotiation of master lease and parcel-level documents following entitlements.
What happens next: With commission approval, staff will present the term sheet to the Board for endorsement, then proceed with the entitlement phase and ongoing community engagement and reporting during the 2–3 year entitlement period.
