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Port Commission backs lease with Central Parking for Triangle and Seawall lots, citing large revenue gains
Summary
The Port Commission approved forwarding a three-year lease with Central Parking that staff says will guarantee roughly $5 million in minimum rent over three years for two Wharf lots. Tenants and merchants raised concerns about proposed hourly rates, validation changes and potential job displacement.
The Port Commission voted to forward a proposed three-year lease (L14795) with Central Parking System for Seawall Lot 301 (the Triangle Parking Lot) and Seawall Lot 314 to the Board of Supervisors for final approval.
Jeffrey Bauer, port leasing manager, told commissioners the new lease guarantees the port a larger minimum rent for the two lots, with a reported minimum rent of $112,000 per month (Lot 301) and $48,777 per month (Lot 314) and an estimated $5,000,000 in minimum rent over the three-year term. Bauer said the lease sets percentage rent at 66% of gross revenues and represents a substantial increase over the…
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