The two development teams are Boston Properties, with locally based companies Kenwood Investments and Wilson Meany Sullivan, and Cordish Co. of Baltimore, with locally based Farallon Capital Management and the San Francisco Giants. The two other three-person teams responded to the RFQ but recently witdrew. Those teams were Cherokee Investment Partners of Raleigh, NC with locally based companies Build Inc. and UrbanGreen Devco, which withdrew this week, and Federal Development with Lehman Bros. and Construction, Management and Development Inc., which withdrew two weeks ago.
Known as Seawall Lot 337, the development site includes a 14-acre parking lot and a 180,000-sf pier, both located across McCovey Cove from AT&T Park, home of Major League Baseball's San Francisco Giants. The development site also is considered the gateway to the Mission Bay neighborhood, where the University of California has a 57-acre life science research campus and where more than 3,500 condominiums and apartments have been completed or begun construction since 2002.
The team selected this fall to develop Seawall Lot 337 will negotiate a ground lease for up to 75 years on the lot and up to a 66-year lease for the pier, and will pay the port as much as $10 million annually. The preliminary development proposals each include a mix of residential, office and retail space. The winning team would have to put up between $300- and $400-million of equity to develop the site, according to a staff report.
The team led by Boston Properties, owner of 3 million sf in San Francisco's Embarcadero Center, is proposing, 1,100 apartments, 400,000 sf of office, 67,000 sf of retail, artists' studios and five acres of open space. The team led by Farallon, a San Francisco-based hedge fund that in 2004 acquired 2 million sf of development rights in the Mission Bay neighborhood, is proposing 875 apartments, 790,000 sf of office, 400,000 sf of retail, a 6,000-seat theater and 7.3 acres of open space.
Seawall 337 is currently being leased to the China Basin Ballpark Company LLC for a surface parking lot of approximately 2,000 spaces, primarily to serve parking needs of AT&T Ballpark baseball games and events. The site also provides parking for commuters and special events. The China Basin Ballpark Company LLC lease expires on November 15, 2009.
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