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Commission approves six-month extension of ENA for Seawall Lot 337 (Mission Rock)
Summary
The Commission approved a six-month extension to the exclusive negotiation agreement for Seawall Lot 337, moving the Phase 1 benchmark from Sept. 15, 2012 to March 15, 2013; staff said the land-use program would require roughly $66 million in developer equity and that Giants Development Services is now the sole remaining member of the ENA team.
The Commission approved a first amendment to the Exclusive Negotiation Agreement for Seawall Lot 337 and adjacent Pier 48 to extend Phase 1 performance benchmarks by six months, from September 15, 2012 to March 15, 2013. Phil Williamson, project manager in the Port's Development Group, told the Commission that the revised proposal submitted by the developer requires approximately $66,000,000 in developer equity to finance entitlement and infrastructure costs and that staff is evaluating alternative financing methods to reduce the developer equity requirement.
Williamson said the entity signatory to the ENA, Seawall Lot 337 Associates LLC, had been represented by both Cordish Companies and Giants Development Services; in accordance with the ENA terms, Cordish will withdraw if a term sheet is not agreed by the benchmark date and assign its membership rights to Giants. Port staff said Giants Development Services informed them that Cordish has withdrawn and that Giants is the sole remaining member.
The ENA extension was moved, seconded and adopted by the Commission; Resolution 12-77 was recorded as passed.
