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Committee forwards Port lease amendments and two mutual terminations for Fisherman’s Wharf restaurants
Summary
The committee recommended forwarding a Port proposal to amend a lease for Chowder Hut and accept mutual termination agreements with Lou's Pier 47 and Pompey's Grotto; the Port negotiated termination fees and recovered fixtures in exchange for waiving much past‑due rent, allowing quicker re‑leasing of waterfront premises.
The Port presented three related items affecting restaurant premises on Jefferson Street and Fisherman’s Wharf. Don Cavanaugh, senior property manager, described: (1) a second amendment for Andre Boudin Bakeries (Chowder Hut) to extend a construction deadline and raise minimum tenant investment thresholds; (2) a mutual termination agreement with D and G Company (Lou’s Pier 47) including a negotiated termination fee to settle arrears and recover possession; and (3) a mutual termination with 340 Jefferson LLC (Pompey’s Grotto) including a termination fee and transfer of personal property valued by the tenant at about $122,000 (BLA noted Port staff had not independently validated that estimate).
Cavanaugh explained cost escalation and pandemic losses drove the tenants’ inability to complete improvements; the Port negotiated fees and the return of premises in releasable condition to avoid litigation and recover some owed amounts more quickly. The Budget and Legislative Analyst’s report summarized the waived rent, termination fees and net port cost (BLA estimated a combined net cost to the port of $659,107 across the two terminations). Committee members noted the historic and neighborhood value of the properties and supported prompt re‑leasing. The committee voted 3–0 to forward items 5–7 with positive recommendation.
