The team also includes developer James Falaschi, president of Transbay Holding Co. and Cargill Inc. The plan is to add 320,000 sf of office, 124,000 sf of retail and 24,000 sf of restaurant space, plus a 250-room hotel and 1,600 parking spaces. Phase two of the project will occupy and 8-acre waterfront parcel where a parking lot and a privately owned shopping complex now stand.

Formally known as Jack London Square Partners, the development team entered negotiations with the Port in December after failure by the port and LCOR/WDG Ventures to come to an agreement on the financial arrangements.

The final agreement between the partners and the port calls for a series of ground leases for various parcels, according to Omar Benjamin, the port's director of real estate. New construction could begin anywhere from 9 months to two years depending on the responses of the various agencies involved in any waterfront project.