The trust was created by Congress in 1996 and manages 80% of the Presidio National Park. The National Park Service is responsible for the remaining 20%. Congress has ordered that the park become financially self-sufficient by 2013.
The Presidio Trust placed an action alert on its Web site, along with a statement that outlined the agency's plan. This started an outburst of public comment, which the Presidio Trust organized into an eight-volume documentation. The public's response will be presented to the board of directors for review before the trust's final plan is released in April.
The trust's plan is broken down into a 500-page environmental impact report for six proposed development ideas, and a 240-page implementation plan, which shows how these ideas can be carried out.
The trust's first choice would be an expansion of the park's open space by 97 acres; a reduction of "built space" by 400,000-sf; the development of tourist lodgings, housing, commercial space and museums; and a $10 million investment in cultural and educational programs.
Several letters from groups, such as the National Parks Conservation Association and the Natural Resources Defense Council, protest the new development, saying that no financial justification exists for new development, which may have an affect on the park's status as a National Historic Landmark District.
The trust's Presidio partner, the Golden Gate National Recreation Center wrote that, with a lesser budget, new development could be kept at a minimum.
Many public comments addressed the Lucasfilm office and production complex that is planned for the park, saying that the trust can reach self-sufficiency without the development of the complex and the $6 million annual rent it will be paying. With leases from the existing buildings, the park can meet its financial goals, say the letters.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.