The group signed a 66-year lease with the Port of San Francisco that commits the developers to a restoration and redevelopment of the landmark Ferry Building that will total about 260,000 sf when complete. The finished project will include 150,000 sf of offices and a 50,000 sf food hall. Completion is slated for September of 2002.
The venture will pay $1.4 million in annual rent with escalations of from 2 to 4 percent each year. The escalations will come at five-year intervals. The developers must also pay the Port a 50 percent of net revenue fee once investors achieve an 11 percent return on investment.
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