comprehensive term sheet for port commission review and approval this year. recognizing the key role of community input to date, staff and the giants will continue the outreach to the waterfront advisory group, the mission bay citizens advisory committee, and appropriate regulatory agencies. i would like to introduce jack baer from the giants to provide an overview of the proposal. we will be available afterwards should you have any questions. >> thank you. i'm going to see if i can get the slide presentation to work. good afternoon, members of the port commission.

i'm the senior vice president of the san francisco giants and i'm the point person on this project for the giants. there are some colleagues of mine i would like to introduce to you today. the project is being done as a joint venture with the san francisco giants and john is with us who works with the joint venture. fran worked for the boston red sox improving fenway park and the area around fenway park. many of the know karen, she is one of the preeminent land-use planners and architects in the bay area and has done projects around the united states and the world and we're happy to have her on our team. today, we find ourselves in a very exciting spot.

we survived the economic downturn, the real estate market in san francisco is recovering, and we are ready to move full speed ahead. over the past year, we have conducted extensive due diligence on the site conditions at sea wall lot 337 and pier 38. technical, environmental, structural, marine engineering and others. our proposal is no longer conceptual in nature but firmly rooted in reality. we are fully engaged with port staff and working diligently on almost a daily basis on the project. you will find us several times a week working with phil, jonathan stern, and many others as we tackle all the issues posed by such a complicated and exciting development project. we're also working with the mayor's office of economic

development, housing, the planning department and many other city agencies because the project of this magnitude involves a lot of coordination. our collective goal is to reach agreement on a term sheet for the consideration by the end of this calendar year or hopefully before. we are in the process of reconnecting with many stakeholders that have an interest in our project. regulatory agencies such as the state land commission and the conservation commission, neighboring businesses, neighborhood and building associations, community advisory groups such as the central waterfront group. and a citywide organizations and so forth. our revised proposal inc. many of these suggestions made by port staff and advisory groups, neighbors, and community

leaders the route the first several years of this project. we were asked to do many things. first, create a major waterfront park that celebrates the day, that is activated and safe, sheltered from the wind with maximum sun exposure and opportunities for recreation, contemplation and wildlife. second, to create additional open space from within the project itself for residents and workers to congregate. and open space as opposed to a visitor open space if you will. 3, to differentiate mission rock from mission bay. while respecting the street grid, and being mindful of adjacent land uses, we were told over and over again that mission

rock should be more urban in character with a diversity of building types and heights. the pedestrian oriented with a more active street life and energy. be a public destination from within mission bay where residents, workers cannot visitors can hang out and enjoy themselves. we are encouraged to build with some density, appropriate but to produce the desired economic benefits to the port and produce excess increment to fund the historic waterfront open space needs. fifth, to create a flexibility of uses on certain parcels to respond to market demand and accelerate the completion of the entire project is faced with economic uncertainties are obstacles we did not envision from the outset.

6, concentrate retail, home grown shops, galleries and the like in locations that are most likely to be successful. not in every single block and not in every single corner because we don't want vacant retail store fronts. we want to concentrate them where they will be as successful. those places would be along the china basin park, along mission rock square, and connecting the parking structure with the bridge. seventh, we want to create a balanced and thoughtful approach to transportation planning. the ballpark exists and as demands and the new development will have demands. but encourage the use of the public transit resources and other modes of transportation.

finally, we are asked to incorporate public trust uses. the provision of berthing for ferries and water taxis, the creation of natural habitat areas, recreational water uses, the establishment of visitors serving retail. but also appealing to san franciscans themself and enhance the blue trail and green way. let's talk a little about the revised proposal. you will see some of the values expressed in the different slides and discussions. mission rock consists of seawall lot 337. it also consists of pier 48, the northern portion of terry francois boulevard and the existing park. 11 building sites, to public

parks, and a refurbished appear. is an important connection for mission bay downtown, a more public view of the city. within the site, we envision 3.5 million square feet of built space. approximately 1.7 million space -- square feet of office space, 650 residential units, one under 25,000 square feet of retail and 8 acres of open public space. parking as well. the development has smaller block sizes and narrower streets to look and feel more urban, lively and pedestrian-

oriented. this graphic shows you that in effect, are building sites are half the size of a typical mission bay building site. they're more streets to penetrate, smaller footprint for the building, much more human and pedestrian scale. the mix of uses where you have offices and retail down below, parks, walkable streets are made it to maintain a vibrant street life during the day and night. we intend to hold the property long term and maintained parks and public spaces so that they are clean, attractive, and inviting. china basin park. more than 5 acres, it is a destination park along the china basin channel and a major contributor to the open space network in san francisco. it's a walkway links the bridge

with pier 48. it is diverse, it is split into three different rooms, with different environments at has a strategic placement of trees to create a comfortable climate because as many of you know, it can be when the and we have to plan for that. the first room on the left is a hard scape room with a grove of trees, cafe, and statue for public meeting point. the second room is a recreation place for families to congregate, a relocated jr. giants baseball field, volleyball, cafes and a place we think will be activated on the weekends after work and be a great place to hang out. the third room is the great

lawn and that's big enough for festivals and concerts with more than 5000 people. you can fly kites there and have lots of different public activities and festivals. the park is flanked by a debt to just behind the baseball field where we exit -- we expect to have kayak and pikes and access to water. there is a kayak launch just behind where the kayak sales and rental places located at pier 48. this slide shows a couple of presidents. this is in madison square park in new york and is extraordinarily popular. the second slide to the right is pink very and you see the warming hut down to the right.

another public space where people are dying. one of the things we want to do is create an active space so it does not feel windswept and then use of feels like a destination, safe and welcoming to our families. the park has a meandering path way. it is not atypical linear pathway but meant to highlight those views of the bridge and has seeing interspersed and weaves in and now where birds and other animals can congregate and it can be helpful with the sustainability plan. pier 48. we envision a rehabilitated pier 48 mates are truly sound by new apron, a spruced up look,

backlit and clothing at night. this slide shows some of the uses of pier 48 in the type of paper and we could have at pier 48 which would be good for dining. it can be used not only for potential brass rod and museums, but an event center, expositions for food, wine, furniture, regional trade shows and we also envision possible manufacturing uses. mission rock square is in the heart of the project. there is a circle that shows you where we are looking at. since our previous proposal, we moved it north.

its about 1.5 acres in size and its inspired by the great urban plazas and public squares around the world. levi's plaza, jackson square and washington square. the northern side of the park and southern side of the park -- this is a pathway where people can walk directly into the park itself and create a better park experience. the park is surrounded by retail, dining, outdoor lounge areas and is perfect for events. it will have a festival environment on game days and be a great place to be. it also maintains a visual court or as it cuts through the park and leads to the water's edge. the project has retail, 125,000

square feet of retail. this graphic shows where those places are likely to be. they are concentrated around the parks and the interior street. there is some retail but most of it is concentrated on the street that leads from the parking structure to the ballpark. the likely foot patterns and traffic patterns of the patrons. on that street, we envision it being closed on game days and take on a festival environment. we also want to have a retail mix that is unique and different from other retail experiences we have encountered. we want it to be homegrown and authentic so when people think of coming here, they think of coming to a place not like any other place but is a special environment where they would enjoy hanging out, a lingering,

finding stores at the opportunities you might not find everywhere else. in fact, being more like a neighborhood street commercial district in san francisco that at all. -- then that the mall. one of the other principles is to create flexible mix of uses. how much square feet of office and how much residential units will be built depends on the market. if we prescribe those uses now to give ourselves of flexibility, changes in the market condition could stall the project and so what you see before you are three different variations of mixes of uses. the brown and yellow be in residential. the first mix is 1.7 million square feet of office and 650

residential units. residential units are animated by water units and park frontage and the water use is animated by mission rock square and the seven building sites to the south. the second iteration, we march housing down and have a corporate campus office environment and introduce housing as well. this is a balanced housing approach with a thousand units. another variant on the office populated version is to move some of the housing opposite the mission square park and some of the office of the china bay park to create more diversity around the public open spaces.

our philosophy here is we go for an entitlement that allows us to switch usage on some of the parcels. some will be housing danceable presidential and some will be swing parcels. office space -- we talked a little bit about it. it is ideally situated for a corporate campus or at for high- tech firms looking for an expanded san francisco presence or silicon valley firms looking for any successful san francisco operation. it's animated by the public square. we envision 700 -- 7200 jobs with about 10,000 offsite jobs created by the fact these offices are located here. we envision a young work force more likely to take public transit, bike, and populate the

retail establishments after work. with respect to residential, this is a great site for residential. the demand is strong, they're great water and bridge views and it has an active, vibrant, compelling street life below. connections to transit are strong, enabling people to live here and commute to the peninsula by train or by car into downtown by muni and the rest of the bay area by bart. this is a great location to live and work. there's a parking structure on the side that accommodates approximately 2000 cars. it's designed to be shared parking resources, not building separate parking perce but a parking resources that everyone will share together and will operate in a pioneering fashion

through pricing and incentives. we will have people park their for retail use and that would turn and the use by ballpark patrons. this would reduce the subsidy needed and reduce the number of spaces we need to build in terms of parking, which is everyone's goal. finally, we are very excited -- this is a destination we think the city will embrace and love. we can get visibility to this when 750,000 people watched the games and we highlight different restaurants and housing opportunities and parks experiences that exist. we think we can make this a destination people will know about all over the world. it also will produce compelling

economics. we are negotiating economics right now so i'm not getting into those. will have plenty of time to talk about economics this fall, but the projected cost for the development of this project is $1.6 billion. that produces approximately $1.6 billion in tax increment over the life of the project which will be available to be used, most of which will be available to the use of sight on port and city credit projects as was envisioned when this rfp was first issued. we look forward to taking this journey with you. we have been on this journey for a while. everett not a bad economic cycle and we're glad we're back in the economy is suggesting we can move forward and get buildings in the ground. i think with that, i will stop. i will be available to answer

questions and if you have specific questions, we look forward to working with you. >> thank you very much. any public comment? commissioners? >> a very exciting. thank you. looking forward to seeing the various iterations. i think i can speak for everyone who appreciates all the work you have put in in terms of meeting with the community and working with the port as well. thank you. >> what do you do with a parking during day games? >> that will be our biggest challenge. we have up to 12 weekday day games a year and we have limited parking resources. most of the people who drive to games park with a 15 or 20 minute walk. we have space for about 3200

cars and a typical game will attract as many as 9000 cars. we are trying to take care of our partners, but those games are during the day and retail uses are competing for those spaces and those are the challenges we will deal with in terms of pricing. we will have to survey the neighborhood and look at other options for parking so we can satisfy the demand we have. those day games will be the biggest challenges. >> the residential units. will they be rentals or condos? >> their plan to be rental. with the legislation, there is a ground lease term possible on

this site and the market is suggesting to us that rental is more practical and realistic than macondo because of the life of the crown leased. we're still talking with support staff about this issue. we may have additional ideas when we go. right now, they're all rental units. >> going back to transportation in terms of transit needs, i know they will be the third street rail, is there another transit plan that would service the site? >> we have the mission rock stopped. cal train is about two blocks away and not much further to this site than the ballpark and we have a large readership. we have ferry service for the site, water taxi and there has been talk of a high-speed rail

in this location. it's a pretty well served by public transit and links and to other transit resources. this will be a convenient place to live for people who want to get around without using their car. it's near the 280 off ramp, so if you are trying to go south, that's appealing to companies located in silicon valley, there is good access to this site. >> this is a very exciting project and time for the port. i look forward to discussing the financials because the whole pitch will be great. i have one question for phil. you stated five benchmarks have been reached and 7 are to be completed. the exhibit says there are six more to be completed.

i'm wondering if one has are hasn't been completed. >> i think i did it leave off benchmark no. 1. we are at 6. >> the plan has been submitted? can you briefly describe it? >> sure. the community outreach program will be a continuation of work we have done and even recently to reach out to stakeholders to the concepts we are exploded -- exploring to the revised proposal. we are already starting to do that with the advisory group and mission bay and we are discussing the successor group --]

is on hiatus and we are looking on how to explore that going forward. there are state agencies and regulatory bodies that we will be reaching out to as well. >> will you be reaching out to put her of europe -- to put perot hill? >> absolutely. that's important contingent for this project and if you look through the revised proposal, you can see the project views acknowledging its a big issue to address. >> thank you. >> i would echo everything we have heard. it's important to embark on this but it is a brand new neighborhood for the city. my question is related to the development schedule. it will be dependent upon getting any anchor tenants into

the office buildings? not necessarily taking over the entire building but how is it going to affect your development and construction schedule? >> we will not build expect office buildings. we will build them when we have a certain percentage leased out. to the extent we have anchor tenants, we will move quickly. to the extent we don't, we will move as demand is created. it's one of the reasons we want flexibility with respect to the housing news so if we're finding resistance in one market, we can look at the other to push the development forward. the plan is to build out the project as the demand exists for the space. we are actively talking to tenants now and there's a lot of interest in this site given its location and drama. this is really a great site. phil williamson and i were just

in boston where mit's real- estate graduate school program hosted an international competition on a particularly interesting development site. which side did they choose? they chose this site. people came from europe, canada, hong kong and across the united states to talk about how exciting this site is. we think we have the requisite interest and recovering economy where we feel like we can move quickly on this project, but we are speaking to people who could be anchor tenants and occupy more than a few buildings so we have a great jump-start. we are doing all this at the same time and working with the mayor's office and others to locate and speak to businesses we think are good candidates. >> could you