The Port Commission has approved a 66-year lease of Piers 15 and 17 for the Exploratorium (targeting a 2012 opening):
The deal, approved unanimously by the Port Commission this month, calls for the Exploratorium to shore up and then build its museum on Pier 15, which is in danger of being totally unusable unless it gets $29 million in substructure repairs.
In exchange for rehabbing waterfront property, the museum would get a 50-year rent credit at Pier 15…Project construction costs are estimated at $175 million.
The museum would pay annual rent of $783,000 on Pier 17, which would be upgraded and house the Exploratorium’s office operations, port officials said. The museum also would have the option of expanding the Exploratorium to Pier 17.
At the same time, a legislative bill that would “allow the Port to create an infrastructure financing district that could help raise funds [for the redevelopment of Pier 70] by selling bonds to pay for environmental remediation, shoreline restoration, removal of bay fill and other tasks” has passed both houses and is but a governor’s signature away from reality.
∙ The Embarcadero Exploratorium’s Most Excellent Draft EIR Update [SocketSite]
∙ Exploratorium a step closer to waterfront site [SFGate]
∙ Pier 70 bill waiting for governor’s signature [San Francisco Examiner]
∙ JustQuotes: Bad Market, Then Back To Big Projects Like Pier 70 [SocketSite]
Does anyone know precisely how this project is being financed – how much and by whom? it is a wonderful idea that seems a bit unlikely in a brutal recession.
Fantastic news!
Hope Piers 30-32 are next (perfect site for Fisher’s Art Museum).
I doubt anyone in the Fisher family reads SS posts but I second the above post. Would be great to have the Fisher collection somewhere along the waterfront.
Exploratorium has been privately fundraising for many years, only to find out rehabbing the substructure of the pier to be astronomical and therefore pursuing bonds to fill the gap. I’ve very sure they have pursued other government funds. What they have secure to date, I’m not sure. It’s a great project with a great team working on it.
Funding is one challenge, getting project entitled through all the government agencies is slow molasses. So this good news is one big step for mankind…
Exploratorium has been privately fundraising for many years, only to find out rehabbing the substructure of the pier to be astronomical and therefore pursuing bonds to fill the gap. I’ve very sure they have pursued other government funds. What they have secure to date, I’m not sure. It’s a great project with a great team working on it.
Funding is one challenge, getting project entitled through all the government agencies is slow molasses. So this good news is one big step for mankind…
When does design start? Who is the Architect? has one been selected as yet? There is no mention.
^^^There is a nice rendering on zumllc.com under “projects”
Someone paid a pretty penny to fix up the substructure of Pier 24 (I think it is Pier 24, with the handi-ramp built … the first pier you hit after the Fireboat heading south on The Embarcadero). I kinda wonder if that was Fisher’s little construction project.
All I know is that the developer needs to submit a document showing funding sources 60 days before construction starts (which is by the end of this year).
Pier 24 Annex was leased and renovated by a private investor (Mr. Pilara), not related to Fisher. His company spent in the 8 figures renovating the space which had dry rot and termites.
$783K/year seems pretty cheap for that many square feet. Pier 1.5 (?) is above $70/square foot per year with pass throughs.
Sure, there’s a large upfront component to the rehab … to be recouped over the years with a rent credit.
Am I missing something here? Who’s brother got the contract?
Wilson Meany Sullivan is developer (past known project: Ferry Building)
http://www.wmspartners.com
EHDD Architects (past know project: Monterey Bay Aquarium)
Exploratorium is to fund $175 mil. dollars. Their rent is more like $175 mil divided by 50 year plus $783K a year.
Think of it this way. You upgrade your rental unit for $500,000 and you pay the landlord $2500 year rent. Not exactly cheap.
The actual financial cost – to someone – of a $175 MIL project will be $10 to $12 mil. that means creative financing, tax exempt bonds, etc. etc.
The only way to reduce this cost is for the exploratorium to find free money – donations, and i will be amazed if they have more than $ 25 – $50 MIL cash in hand for a new building. I also would be surprised if the Ex’s net revenues exceed say $3 MIL per year.
The environmental review of a water front project will be tough. the use here helps – i.e. it will go better than the Mills did. But the issues like traffic will be tough.
This could be a great project.
I would place the odds of a 2012 opening at 100 to 1.
$10 to $12 MIL per year.
The environmental review was already certified by the Planning Commission.
The Fisher collection is going to SF MOMA.
[Editor’s Note: SFMOMA Snags The Fisher Contemporary Art Collection.]