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Port advances nonbinding term sheet for Pier 3032 and Seawall Lot 330, flags $125 million infrastructure gap
Summary
Port staff presented a term sheet endorsing phased residential development and pier reconstruction at Seawall Lot 330 and Pier 3032; the Budget & Finance Committee voted to forward the fiscal-feasibility endorsement to the full Board while noting an estimated $125 million funding shortfall and multiple timing and market risks.
San Francisco port officials asked the Board of Supervisors’ Budget and Finance Committee on April 24 to endorse a nonbinding term sheet for a large redevelopment that pairs residential construction on Seawall Lot 330 with reconstruction of Pier 3032.
Wyatt Donnelly Landolt, a port project lead, said the proposal would deliver about 713 residential units across multiple phases, dedicate a parcel for a 100‑unit affordable building, and rebuild Pier 3032 with office, retail and public market hall space alongside major seawall and horizontal infrastructure improvements. The term sheet contemplates public financing tools—including a community facilities district (CFD) and an infrastructure financing district (IFD)—to help close financing gaps.
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