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Port Commission approves exclusive talks with Forest City for Pier 70 redevelopment
Summary
The Port Commission authorized an exclusive negotiating agreement with Forest City Development for a 25-acre portion of Pier 70, asking the developer to help produce a term sheet, preliminary development analysis and environmental review; Forest City will pay an annual $200,000 negotiating fee deferred until lease approval.
The Port Commission on July (meeting) voted to enter into an exclusive negotiating agreement (ENA) with Forest City Development California Inc. to negotiate terms for lease and redevelopment of a 25-acre waterfront parcel at Pier 70.
The ENA does not approve a final project or lease. Kathleen Diehep, the Port's project manager for Pier 70, told commissioners the agreement is a time-limited, structured process for the developer to produce a project proposal, a term sheet for endorsement, and follow-on environmental and entitlement work. "We're asking you…
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