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Committee backs 66-year Port lease to enable Potrero Power Station redevelopment
Summary
The Budget and Finance Committee recommended to the full Board a 66-year ground lease of roughly 1.6 acres of Port shoreline to California Barrel Company LLC to support the Potrero Power Station redevelopment, including public shoreline park improvements estimated as tens of millions of dollars in developer contributions.
San Francisco — The Budget and Finance Committee voted March 25 to send a positive recommendation to the full Board for a 66-year ground lease of port shoreline to a developer for the Potrero Power Station project.
The resolution before the committee would authorize a ground lease to California Barrel Company LLC for approximately 1.6 acres of shoreline property adjacent to 20 Second/Third streets and Illinois Street. John Lau of the Office of Economic and Workforce Development described the proposal as part of the city’s Southern Bayfront strategy and said the lease would convert shoreline that has not historically been publicly accessible into publicly maintained park space.
OEWD said the developer would be responsible for improving and maintaining the shoreline park at no cost to the Port and that the developer’s work would include public amenities such as a Bay Trail easement, park areas and possibly a 25,000-square-foot recreation center. OEWD presented an overall project that could yield about 2,600 units at full build and about 1.5 million square feet of office and life-science space in its massing study.
Severn Campbell of the Budget Legislative Analyst’s office reported a net present value to the Port of about $69,600,000 over the 66-year term based on preliminary estimates and recommended approval. BLA noted the CEQA analysis for the project had been certified by the Planning Commission and had not been appealed.
Chair Sandra Lee Fewer moved to recommend the lease to the full Board; a roll call recorded unanimous support from the committee and the motion passed.
The committee record shows the lease rate would be $1 per year, the developer would finance and maintain the new shoreline park, and OEWD expects tens of millions in development costs tied to the public improvements. The item will proceed to the full Board for final action.
