San Francisco, California
The Port of San Francisco sought to develop a major mixed-use project, anchored by an international passenger cruise ship terminal, on a scenic waterfront site near downtown San Francisco. The site is located along the waterfront midway between the San Francisco Bay Bridge and the new Giants baseball stadium. Although the site offered significant market potential, negotiation and agreement with LCOR (the selected master developer) would require resolving several issues regarding public financing, infrastructure cost allocation, land use intensities, and risk distribution.
Working for the Port of San Francisco in support of its developer negotiations, EPS evaluated the market and financial feasibility of proposed development concepts for the port property, reviewed the developer’s financial proposals, evaluated methods for using public financing for a portion of the project, recommended negotiating principles and business terms, and managed the efforts of several subconsultants in various technical specialties. A key objective of the analysis was to determine if commercial and residential uses could generate enough economic value to cover the costs associated with developing the cruise terminal, parking facilities, open space amenities, and other public-oriented uses.