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Land Use committee backs long‑term $1 lease for Mexican Museum's new Yerba Buena home
Summary
The committee voted to forward a resolution approving a long‑term lease to the Mexican Museum for approximately 48,000 square feet at 706 Mission Street at a base rent of $1, with a 66‑year term and a 33‑year extension option and OCII grant funding for tenant improvements.
The Land Use and Economic Development Committee unanimously voted to forward a resolution authorizing a long‑term lease between the city and the Mexican Museum for roughly 48,000 square feet at 706 Mission Street in the Yerba Buena Gardens Arts District at a base rent of $1.
John Updike, Director of Real Estate, outlined the agreement: Millennium Partners will construct and convey a condominium interest in the core and shell across four floors, and the museum will undertake tenant improvements funded in part by more than $10,000,000 in…
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