With San Francisco Mayor Ed Lee deeming it his legacy project, and the project sponsors lining the pockets of nearly every political, development, and public relations consultant in the city, some might consider the Warriors Arena that’s proposed to be built upon Piers 30-32 to be too big or connected to fail. But this is San Francisco, after all.
Birds helped overturn the approved development of 555 Washington. NIMBY neighbors have stalled the approved development of 8 Washington for at least another year. And an early plan to develop the very Piers upon which the Warriors Arena would be built fell apart during negotiations of the financial terms.
The draft development deal with the Warriors would cap the City’s exposure on the billion dollar project to a $120,000,000 reimbursement for Pier rehabilitation and potential public improvements with funding of the reimbursement limited to rent credits (the piers would be leased to the Warriors for $1,970,000 a year), the sale of Seawall 330 for an estimated $30,400,000, and new property tax revenue generated by the Warriors development.
The Fiscal Feasibility and Conceptual Framework for the Piers 30-32 project:
Assuming a term sheet for the deal can be agreed upon, the Bay Conservation and Development Commission approves the use, the Piers are successfully rezoned for development over 40 feet, and any legal challenges are overcome in a timely manner, San Francisco and the Golden State Warriors will have a new Arena by 2017.
Yes, it can be done. But make no mistake, the development of a Warriors Arena upon the Piers in San Francisco is no slam dunk nor layup.
∙ The Plans For A Legacy San Francisco Warriors Arena Upon The Piers [SocketSite]
∙ The Design For The Warriors San Francisco Arena On Piers 30-32 [SocketSite]
∙ 555 Washington’s EIR Certification Reversed [SocketSite]
∙ 8 Washington Approval Upheld But Now On Hold Until 2013 Election [SocketSite]
∙ Piers 30-32 Dropped From AC34 Development Plan, Lawsuit Filed [SocketSite]
∙ Plans For Seawall 330 Remain As Murky As The Rendering [SocketSite]
∙ Timeline And Key Milestones For Building The Warriors Arena In SF [SocketSite]