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Commission authorizes exclusive negotiations with Orton Development for Pier 70 historic buildings
Summary
The Port Commission approved a nine-month exclusive negotiation agreement with Orton Development for six historic Pier 70 buildings, including a $75,000 negotiating fee, two possible 50K extension fees and a no-rent site office; staff expects to return with a development concept and community outreach plan.
The Port Commission authorized an exclusive nine-month negotiating agreement with Orton Development Inc. for the lease and development of six historic Twentieth Street buildings at Pier 70, and approved a no-rent lease for a site office as part of the negotiating agreement.
Kathleen Dihepp, Pier 70 Project Manager, told commissioners the negotiating agreement sets business terms and benchmarks and includes a $75,000 negotiation fee with two possible 50,000 extensions. Dihepp said staff hope to return this summer with a development concept and that one of the first deliverables from the developer will be a community outreach plan.
Commissioners asked about the parameter rent if the no-rent site office period is extended; staff said the Newnan Building rent (reported in the meeting as $1.10 per square foot and updated annually) would be used as the benchmark for subsequent leases. Commissioners expressed support for robust community outreach as part of the negotiation process.
The Commission moved, seconded and voted to approve the item; Resolution number 1236 was announced as passed.
