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Port asks Board endorsement for Pier 70 Twentieth Street rehab term sheet with Orton Development
Summary
The Port asked the committee to endorse a term sheet with Orton Development to rehabilitate Twentieth Street historic buildings at Pier 70; port staff said Orton's capital estimate is about $58 million (with up to $14 million developer equity and $1.5 million in port funds) and the Budget Analyst found the project fiscally feasible under Administrative Code Chapter 29 with conditions.
Port planning staff asked the Budget and Finance Committee to endorse a term sheet with Orton Development and to find the Twentieth Street Historic Buildings project fiscally feasible so environmental review (CEQA) and transaction documents can proceed.
Kathleen Dijap (Ports Planning and Development) described the site at Pier 70 (south of Mission Bay, east of Potrero Hill) and outlined the buildings to be rehabilitated, including the Union Ironworks machine shop and several brick warehouses dating back to the late 19th and early 20th centuries. Dijap said the Port ran a competitive process, selected Orton through review, and negotiated a term sheet that would…
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