San Francisco expected to OK $1 billion Warriors arena proposal

Courtesy RenderingUpgrades: The proposed Warriors arena on The City’s waterfront would include extensive rehabilitation of Piers 30-32.

Courtesy RenderingUpgrades: The proposed Warriors arena on The City’s waterfront would include extensive rehabilitation of Piers 30-32.

While the Board of Supervisors appears poised to approve the initial financial terms of a proposed $1 billion waterfront arena for the Warriors, the debate over the project details is only just beginning.

With the expected approval, The City would be authorized to work out the financial terms and lease and sale agreement details, and initiate the state-required environmental review. If all went according to schedule, construction could begin in summer 2014.

The three members of the Board of Supervisors Budget and Finance Committee unanimously approved the proposal’s initial financial terms Wednesday despite concerns from the head of the community committee set up to represent the residents of the nearby Rincon, South Beach and Mission Bay neighborhoods who might be impacted by the ?development.

“We would like to slow this process down,” said Katy Liddell, head of the committee. “Things are going so quickly.”

Instead, the full board is set to consider the same document Tuesday, following an informational hearing Monday on the proposal’s design and transportation impacts before the board’s Land Use and Economic Development Committee.

On Wednesday, the project was praised for its ability to create jobs, boost the economy and rehabilitate a worn-down area of The City’s waterfront. The high-profile waterfront development project comes in the wake of a failed development component attached to the America’s Cup, which fell apart amid concerns over its financial details.

Hoping to learn from that failure, the Warriors’ proposal caps The City’s reimbursement to the team for rehabilitating Piers 30-32 at ?$120 million and identifies the sources of funds. Port Executive Director Monique Moyer praised the proposal Wednesday for potentially turning around the 100-year-old piers.

“It is going to achieve what we’ve been trying to achieve since 1987, which is to rehabilitate a very blighted area of our waterfront and put it back into economic use.” Moyer said. “This is a very big idea with lots and lots of benefits.”

The arena complex would include open public space around the perimeter, a parking facility to accommodate 630 vehicles and 105,000 square feet of retail and restaurant space. And the Warriors would acquire Seawall Lot 330, which is valued at about ?$30 million, for development set to include a 250-room hotel and 200 parking spaces.

The arena is expected to host 205 events a year. That would include 50 Warriors home games with nearly 15,000 attendees at each game and parking for nearly 3,000 cars. The schedule also includes 45 concerts.

The project is expected to include the creation of a projected 1,712 jobs and $46 million in development impact fees for such things as affordable housing and child care.

Under the current schedule, a finalized and more detailed financial term sheet would be submitted to the Board of Supervisors as early as February, with a vote on project approval set for early 2014.

jsabatini@sfexaminer.com

Bay Area NewsBoard of SupervisorsBudget and Finance CommitteeGovernment & PoliticsLocalPolitics

Just Posted

On Sunday, California bore the brunt of what meteorologists referred to as a bomb cyclone and an atmospheric river, a convergence of storms that brought more than half a foot of rain to parts of the Bay Area, along with high winds, concerns about flash floods and the potential for heavy snow in the Sierra Nevada. Much of the Bay Area was under a flash flood watch on Sunday, with the National Weather Service warning of the potential for mudslides across the region. (NOAA via The New York Times)
Bomb cyclone, atmospheric river combine to pummel California with rain and wind

What you need to know about this historic weather event

National Weather Service flood watch in the San Francisco Bay Area for Sunday, Oct. 24, 2021. (National Weather Service via Bay City News)
Storm updates: Sunday was wettest October day in San Francisco history

Torrential rainfall causes flooding, triggers evacuations in burn areas

Plan Bay Area 2050 is an expansive plan guiding the region’s growth and development over the next three decades. The regional plan addresses progressive policy priorities like a universal basic income and a region-wide rent cap, alongside massive new spending on affordable housing and transportation infrastructure. (Shutterstock)
$1.4 trillion ‘blueprint’ would address Bay Area’s housing, transit woes

Analyzing the big ticket proposals in ‘Plan Bay Area 2050’

A collaborative workspace for a decentralized autonomous organization (DAO) in Coordinape is pictured at a recent blockchain meet up at Atlas Cafe. <ins>(Kevin N. Hume/The Examiner)</ins>
Business without bosses: San Francisco innovators battle bureaucracy with blockchain

‘The next generation will work for three DAOs at the same time’

Most Read