Client: San Francisco Redevelopment Agency

Seifel provided real estate advisory services on the Hunters Point Shipyard Primary Developer Negotiations. A closed Navy facility and a 500-acre Superfund site, the Hunters Point Shipyard is located on the southeast San Francisco waterfront. Approximately 40% of the existing buildings are used for general industrial activities, including ship repair and art studios. At build out, the Shipyard is anticipated to provide 8,300 jobs in a mixed use development that will include up to 1,800 residential units, 1.5 million sq ft of R&D or industrial uses, and 1.2 million sq ft of commercial, cultural and educational uses.

As a subcontractor to Jones Lang LaSalle, we advised on the City/Agency participation in the development, with particular emphases on affordable housing, the provision of community benefits, and the allocation of redevelopment tax increment to the project. We advised the Agency and City staff regarding management of financial and other risks related to proposed land transactions and ongoing property management for the affordable housing component. As part of due diligence, we analyzed the feasibility of the Developer’s financing strategies for affordable housing. We performed peer review on the developer’s Preliminary Development Concept

Seifel analyzed the potential fiscal and economic impacts from the Phase 1 development program outlined in the Conceptual Framework/Term Sheet and the Disposition and Development Agreement in 2003 and 2004. Fiscal revenues and costs were projected for the City and County of San Francisco General Fund, the Municipal Railway and the San Francisco Unified School District. In addition, we projected the potential economic benefits to the City resulting from new construction related jobs, wages and economic activity.nstruction related jobs, wages and economic activity.

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