MLB Giants Finalizing Plans For Mission Rock Development Ahead Of Port Commission's Vote
The MLB Giants' plan to put the "long-awaited $1.6 billion Mission Rock development on the cold, desolate parking lot across the channel from AT&T Park is nearly complete, and the prospective landlords couldn't be happier," according to John Wildermuth of the S.F. CHRONICLE. While the term sheet laying out the financial details of the development agreement with the Giants "won't come before the Port Commission for approval until late next month, the commissioners sound ready to sign on the dotted line." The development, now scheduled to break ground in '15, would "put an entirely new neighborhood on the 16-acre waterfront site known as Seawall Lot 337, providing space for 2,000 residents, 7,000 workers and hordes of visitors to the area's planned parks, restaurants, shops and attractions." The Giants have been interested in developing the parking lot "almost since AT&T Park opened" in March '00. The new project is a chance not only to "guide development of its next-door neighbor, but also to inject some cash into the team's coffers." The "complex financial agreement in the term sheet, which spells out exactly who pays for what and when, is scheduled to go before the commission for approval at the Feb. 26 meeting." Giants Senior VP & General Counsel Jack Bair "hopes to have the Board of Supervisors approve the term sheet by April, which will allow the Giants to start the two-year process of preparing an environmental impact report on the project and collecting the many state, local and federal approvals needed for any waterfront project" (S.F. CHRONICLE, 1/27).
SILVER & BLACK: In Oakland, Paul Rosynsky reported the Oakland-Alameda County Coliseum Authority on Friday agreed to spend $1M "studying new stadium proposals" for the Raiders. The proposal, dubbed "Coliseum City," calls for construction of an "entertainment and sports district on the 1,000 acres of land where the O.co Coliseum and Oracle Arena now stand." The project "models itself after the vibrant L.A. Live development." The Raiders have "agreed to work with city and county leaders in seeking studies to determine if Coliseum City is feasible." The team said that it will "help fund" part of the $1M approved for two studies (OAKLAND TRIBUNE, 1/27).