December 23, 2010
Delusions Abound As San Francisco Scrambles To Save The Race
When the city shifted public viewing facilities to the northern waterfront and Pier 50 was removed from equation, race organizers saw their costs go down, but so did their potential to recoup an investment they say will approach $500 million to put on the regatta and pre-Cup races.
Newsom said race organizers are overvaluing Pier 50's development rights, and thus view the current deal as insufficient.
"Our own analysis is they're delusional about its value, but somehow I think they're fixated that it's worth a lot more," Newsom said. "I'm convinced that they're wrong about this assessment, but they're convinced they’re right about the value of the site, so we've been trying to make up for that value."
Giving race organizers the option to develop Piers 26 and 28 was one step, but Stephen Barclay, an official with the team and yacht club, said the piers' historic qualities weaken their development value.
No word on how the Mayor’s office analysis matches up with the Giants’.
∙ San Francisco’s America’s Cup Chances Swiftly Sailing Out To Sea? [SocketSite]
∙ City tweaks America's Cup offer, sees "progress" [SFGate]
∙ A Cup Plan B And Latest Economic Impact Report [SocketSite]
First Published: December 23, 2010 9:45 AM
Comments from "Plugged In" Readers
Oh, FFS. If the race organizers can't put on the race without a hundred million in subsidies, maybe they shouldn't put on the race. Or find a cheaper way to do it. But taxpayers shouldn't foot the bill.
Posted by: Al at December 23, 2010 4:44 PM
I feel as if this is the very thing that taxpayers should shoulder, actually. It's ridiculous how we treat that part of the waterfront. London and Barcelona wised up and stopped turning their backs on their waterfronts. SF would have been wise to follow suit. But of course, Daly had to assert himself on the way out of town. Good grief.
Posted by: [anon.ed] at December 23, 2010 5:04 PM
There's many a slip 'twixt the cup and the lip.
Posted by: Salarywoman at December 23, 2010 10:00 PM