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Committee backs 3‑year extension to property‑exchange deal tied to planned Fire Station 13
Summary
The Budget and Finance Committee voted to forward to the full Board a resolution to retroactively approve a second amendment extending the closing date on a conditional property exchange with EQX Jackson Sq LLC to Dec. 15, 2026, citing market financing challenges; the Fire Department supports the plan.
Supervisor Connie Chan, chair of the Budget and Finance Committee, moved March 6 to forward to the full Board a resolution retroactively approving a second amendment to the conditional property exchange agreement (CPEA) with EQX Jackson Sq LLC to extend the anticipated closing date to Dec. 15, 2026.
Enrico Pennock, identified on the record as Director of Real Estate, told the committee the extension is needed “because of the inability to obtain favorable financing in the current market.” He said all other terms of the CPEA would remain the same and that Related Companies, through EQX Jackson Sq LLC, would build a new Fire Station 13 in exchange for the deed to 530 Sansom St. The Fire Department is recorded as supporting the request.
The CPEA envisions a public‑private partnership in which a mixed‑use high‑rise developer provides a replacement fire station as part of a transfer of city real property. No changes to deal terms that would materially increase city obligations or materially decrease city benefits were authorized without returning to the Board for approval, the clerk read on the record.
There were no public speakers on the item. In a roll‑call vote, Vice Chair Rafael Mandelman, Supervisor Myrna Melgar and Chair Chan each recorded “Aye” and the committee moved the resolution to the full Board for consideration.
Next steps: the item will appear on the full Board of Supervisors agenda for March 12, 2024, unless otherwise stated.
