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Commission endorses Pier 70 term sheet with Orton Development, including $14M equity commitment and $1.5M port contribution
Summary
The Commission approved a term-sheet endorsement for rehabilitation of six Pier 70 buildings with Orton Development: ODI agreed to invest up to $14 million of equity, the Port will contribute $1.5 million, the deal includes a 14% return target for developer equity and a 20-year base rent floor, and staff projected 400'00—500 jobs and phased revenue scenarios.
The Commission endorsed a term sheet for the Twentieth Street buildings at Pier 70 with Orton Development Incorporated. Kathleen Dye, on behalf of Port Planning and Development, said the term sheet reflects a conceptual agreement to rehabilitate six historic buildings with a mixed program of office, commercial…
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