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Old Posted Oct 12, 2007, 11:17 PM
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Port Wants development team for Seawall Lot 337 in place by June

Quote:
Port preps prime land for building
San Francisco Business Times - by J.K. Dineen

Eager to start generating revenue from its most valuable piece of property, the Port of San Francisco is ready to offer for development a coveted 14-acre lot just across China Basin Channel from AT&T Park.

Seawall Lot 337 is the last major redevelopment site in Mission Bay -- and perhaps the most valuable. Assuming a key piece of legislation gets Gov. Arnold Schwarzenegger's OK, the port hopes to receive proposals for the site by mid-February. Qualified developers and proposals would then be screened by an advisory panel and the Port Commission, with a group of finalists selected by March. The port wants a development team in place by June of 2008.

"It is a fast schedule. It is aggressive," said port waterfront planning manager Diane Oshima. "We're trying to move forward with the same force that the rest of Mission Bay has."

While the request for proposals has not been finalized, it will likely call for a mixed-use project that "reflects San Francisco's unique character," according to the port's vision statement. Office, hotel, retail, residential uses -- along with ample open space and public access -- will all be entertained. Some of the Bay Area's biggest active developers, including Catellus and Lowe Enterprises, have already expressed interest in the site.

The property is likely to be offered on a 75-year lease. Its value could vary widely depending on what sort of development is proposed and how much of the site remains open space.

The lot is now being used by the San Francisco Giants as a surface parking for 2,200 cars. The fight over what the lot becomes is already pitting the Giants against public transit and open space advocates. In a letter to the port dated Oct. 5, Giants Senior Vice President Jack Bair states that a minimum of 2,000 permanent parking spaces be developed on the site. Bair called the amount "critical to the visibility of our business and to maintain an acceptable level of co-existence with the neighborhood during ballpark events." The ballpark draws 3.5 million people each year.

Any request for proposals must "clearly inform prospective developers of the need for substantial resources dedicated to the ballpark," stated Bair.

Jennifer Clary, president of the local environmental group San Francisco Tomorrow, said building that much parking in a site easily accessible by Caltrain and Muni doesn't make sense.

"We're supposed to be reducing our greenhouse gases by 20 percent by 2020 and 80 percent by 2050. I don't think 2,000 parking spaces is really going to help you do that at all," Clary said.

Clary said the site has been zoned for open space for 20 years, and added she opposed preliminary port scenarios showing a three-acre waterfront park.

"We already have an acre down there. Taking what is there and adding an acre or two seems totally inadequate," she said.

The development of the property will be made possible by the expected passage of Senate Bill 815, a bill that gives the port more control over waterfront development on four so-called "seawall" parcels. The legislation enables the port to proceed with projects that are not normally allowed by the State Lands Commission, which controls waterfront development.

Originally, the legislation included parcels along the northeastern end of The Embarcadero. Those were cut out after the influential Telegraph Hill Dwellers pressured bill sponsor State Sen. Carol Migden to impose a 40-foot height limit on the four parcels near the base of Telegraph Hill. The port argued that a 40-foot height limit would make it impossible to attract investors and decided to cut them from the legislation.

Given the political battles involving any building on the San Francisco waterfront, Oshima said the port is committed to conducting periodic meetings between the development team and neighborhood interests to make sure the two sides are aligned.

"It's a realty check for both sides," she said. "We have high expectations on public venues and amenities and high expectations on the development potential and revenue."

Wilson Meany Sullivan partner Chris Meany said the important thing will be creating a neighborhood that connects Mission Bay and the more low-scale residential area on the other side of the channel. WMS, which is developing the 83-acre Bay Meadows and is part of the team working on Treasure Island, has looked at the seawall lot but is not pursuing it.

"It's a super interesting intersection between the south and the north parts of the waterfront that wants very much not to be one thing," said Meany. "The only mistake you could make is not dealing with the scale issues."

jkdineen@bizjournals.com / (415) 288-4971
Source: http://www.bizjournals.com/sanfranci...15/story2.html
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