The Port of San Francisco, which owns the land, has given Shorenstein and its partner, Farallon Capital Management LLC, until Aug. 31 to submit a revised plan for Piers 27-31. The original plan, for 440,000-sf of office and a public recreation center was pulled off the table shortly before an expected vote in January after concerns were expressed by State Lands Commission executive director Paul Thayer and environmental groups.

The revised plan is likely to result in at least some of the office space in the original plan because Pier 27, where the terminal would be located, was slated to hold one-third of the office space. "It's too soon for us to know exactly what the plan will look like," Todd Sklar, head of Shorenstein's development group, tells GlobeSt.com. "We are looking at a number of different options right now."

Given its belief that the office component is needed to achieve a reasonable return from the project, project financially feasible, Shorenstein will try to retain as much of the office space in the original plan as possible. At least 200,000 sf is essentially preleased, as both Shorenstein and Farrallon have committed to moving their headquarters to the location.