February 22, 2010
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CITY & COUNTY OF SAN FRANCISCO CAPITAL PLANNING PROGRAM FY 2011-2020 DRAFT CAPITAL PLAN REVIEW Wholesale Produce Market Expansion February 22, 2010
description
City & County of San Francisco Capital Planning Program fy 2011-2020 DRAFT Capital Plan REVIEW Wholesale Produce Market Expansion. February 22, 2010. SF Wholesale Produce Market - Overview. 8 acres along Jerrold Avenue, between Toland and Rankin – 336,000 sf under roof today. - PowerPoint PPT Presentation
Transcript of February 22, 2010
CITY & COUNTY OF SAN FRANCISCO
CAPITAL PLANNING PROGRAM
FY 2011-2020 DRAFT CAPITAL PLAN REVIEW
Wholesale Produce Market Expansion
February 22, 2010
SF Wholesale Produce Market - Overview
8 acres along Jerrold Avenue, between Toland and Rankin – 336,000 sf under roof today.
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SF Wholesale Produce Market - Overview
Non-profit Corporation formed in 1960 to secure this former military property, gift it to the City with 50 year lease-back, for sole purpose of creating new market.
Opened in 1963 following relocation of market from Embarcadero to present site.
Corporation is master tenant, sole shareholder is CCSF.
Ground Lease expires 1/31/2013. Most recent expansion ten years ago at 2101
Jerrold – 55,000 square feet, fully pre-leased, debt retired early, and 100% occupied today.
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SF Wholesale Produce Market - Overview
Project Drivers: Lease Expiration Facility Condition and Food Safety/Security Operational Safety Demand for Space
Project Options & Elements: 901 Rankin Street re-purposing AND Renovations of 4 buildings – 369,195 sf upon completion
OR New construction of 4 bldgs – 476,427 sf upon completion
AND Vacation of a number of street segments, including Jerrold
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SF Wholesale Produce Market - Overview
Project Accomplishments Several design options reviewed Economic modeling completed, testing fiscal feasibility Preferred design options priced by Swinerton Board approval to submit Environmental Evaluation
Application EE submitted
Project Cost Roughly $70,000,000
Five phases allows progression as market demand and economics warrant
First phase roughly $20,000,000
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SF Wholesale Produce Market - Budget
Secured revenues Lease revenues since debt retirement have generated
$5,600,000 in reserve funds for project Exploring supplemental debt and equity options –
COP’s New Market Tax Credits SFRA Institutional financing
Expenditures & Encumbrances $1,100,000 in consultancies to date $ 375,201 in permit application fees to City $1,400,000 expected in 2010
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SF Wholesale Produce Market – Milestones
CEQA Findings – Fall 2010 Governance Model for 2013 forward – Fall 2010 Board Action – Winter 2010 Relocation from 901 Rankin – Summer/Fall 2011 Construction start – Early 2012
SF Wholesale Produce Market
Questions?
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