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Port director highlights 55% balance‑sheet gain and waterfront activations
Summary
Port Director Elaine Forbes told the Port Commission the agency’s balance sheet rose 55% year‑over‑year, driven by added infrastructure and bond issuance, and outlined a slate of public‑facing projects including Fleet Week, an expanding Big Art Loop and an entertainment zone on the Central Waterfront.
SAN FRANCISCO — In a packed Port Commission meeting, Port Director Elaine Forbes presented a broadly upbeat executive report, saying the port’s balance sheet rose about 55% — from roughly $624 million to $967.7 million — driven by absorbed infrastructure and bonds issued for waterfront resilience.
"This is a historic year to our balance sheet position, a 55% increase," Forbes said, linking the gain to park acceptances at China Basin and Bayfront and recent bond issuances. She credited port staff and the commission for work on waterfront improvements and noted the Army Corps partnership advancing a waterfront flood study and an expected chief’s report next year that could unlock federal investment.
Why it matters: The port’s financial gains support a range of planned public projects and resilience investments while giving commissioners more options for programming and capital work along the Embarcadero and other waterfront districts.
Forbes also reviewed the port’s recent public programming: Fleet Week was moved to Fisherman’s Wharf following a federal shutdown and matched 2024 attendance; the port is participating in the Big Art Loop that will eventually include up to 100 large‑scale artworks; and the Port is preparing for large concerts at Pier 80, with approvals for up to 15,000 people per night for certain events. Forbes noted an equity improvement — a new electric hoist at the South Beach dinghy dock to improve accessibility for people with disabilities.
Commissioners largely praised the report. Commissioner Steven Lee applauded arts and entertainment initiatives as essential to waterfront activation, while Commissioner Ken McNeely and others asked practical questions about timelines and capacity for planned events. Directors and commissioners emphasized continued attention to safety and neighborhood impacts as event programming expands.
What’s next: Forbes said demolition work related to Fisherman’s Wharf improvements is nearing completion and plaza construction is expected to begin in February, with demolition of Alioto’s anticipated to be finished by January. The commission did not take action on these items at this meeting beyond the informational report.
