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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 today to approve an agreement to negotiate only with Forest City. It is not an approval of the project," Diehep said.
Under terms explained in the presentation, Forest City will serve as the lead developer on the 25-acre site and assist the Port with planning and entitlement across a larger 70-acre area. As part of the ENA Forest City will pay a negotiated fee of $200,000 a year for the right to negotiate; that fee is deferred and would be collected if and when a lease is approved or upon termination of the ENA. Diehep described the arrangement as an incentive structure to have the developer invest in the entitlement process and help shape infrastructure and parks while the Port retains oversight.
Diehep outlined a multi-phase schedule: an early phase producing a preliminary development analysis and term sheet to the Port for endorsement, followed by detailed environmental review and entitlement steps. The ENA term described by staff includes an initial multi-year negotiation window with options for extensions to allow the parties to complete project analysis and market-timed decisions.
Forest City representatives were introduced to commissioners as part of the presentation. Commissioners asked for periodic updates and public presentations by the developer during the negotiating period to keep the community informed. The Commission approved the ENA by voice vote.
Next steps: staff and Forest City will carry out the preliminary analysis and community outreach required under the ENA and return to the Commission with a term sheet and project description before seeking endorsements or approval of any lease or entitlements.
Provenance: topicintro SEG 212, topfinish SEG 477.
