About what everybody else is worrying about the flipside of this is also true there is no point in getting excited about something that everybody else is eagerly anticipating why . Because when the vast majority of investors agree that somethings going to happen, that thing tends to already be priced into the stock market while the real economy moves at its own sedate pace you have to build out goods to transport them to retail outlets and wait for the customer to come along and buy them the stock market has no such limitations. Stocks dont quite travel at the speed of light well, how about the speed of thought . They come pretty close the moment of preponderance of hedge fund and Mutual Fund Managers decide that the economy is slowing or speeding up or flat lining, stocks start trading like thats the case instantaneously. It usually takes some time to build that kind of consensus which is why you rarely see these most happening all at once but once the big institutional Portfolio Mana
Retailers, local and big box and just about everybody and nobody could make it work. Even using the global reach of our company, we couldnt make it happen. Nowhere in this country is there a shopping sent we are as many floors as westfield San Francisco center. Not in chicago, not in new york. The retail is why they succeed which is why the body amended the planning code to eliminate the need for a cup for the seventh and eighth floors and above. So we believe this investment is good for San Francisco center and mixed use buildings are inherently complementary with the office use supporting the retail and retail an amenity for the office. And we are going to do a full renovation and that includes improved lighting at the street level and the largest nordstrom in the portfolio and will remain one of the largest in the country. Letters of support including one from nordstrom and they couldnt make it br are supportive of this project. We believe they must continue to be the Retail Destina
The second is the use are w the surrounding context and the concern over the proximity to the use of the San Francisco city academy and the adjacent religious institution at 4 450 ofarrell. And located more than 600 and project site verified and the school is an intermittent activity and does not provide k12 and is likely used while children are accompanied by guardians to the site. Additionally, the current plans for reconduction would place the sunday school on the third floor of the site raised away from the subject application. The third principle concern raised is of the tenderloin is lacking access to daily needs retail uses such as Corner Markets and that the proposed use would displace an existing market at the site while other large format markets such as trader joes and whole foods are establishing in the larger area, the loss of the Corner Market is impactful on the local population. However t project sponsor is a member of the family which has owned and operated the market
And i want to tell you that what were seeing right now is not a cycle change. Its a structural change, and i am sure you are aware and seen the retailers and the retailers are shrinking the footprint and it is not the Large Department stores but even tenants that used to be 5,000 feet are shrinking to 1,000 feet and trying to deal with how to market the goods online and cross market both aspects. It has had a very structural change and quite frankly t vacancy rate at union square is the lowest that i have seen in 25 excuse me t highest in 25 years of business in union square. This there is, as we all know, a lot of vacancies that are happening. Barneys is going to close, forever 21 is closing, Williams Sonoma and the multifloor retailers are going out of business and those are the only ones that can occupy the upper floors. They are just not there. We have been marketing 146 geary for four years and talking to tenants initially to take the entire building because that works the best fo
Two things have been brought to my attention, the crossover on the bridge has been operating with a flashing red light instead of green, which is a passenger comfort issue and that tenmile per hour speed limit signs have been added to the bus deck which is designed for buses operating at 20 Miles Per Hour and that will be a limiting factor and also could be causing the bus fountains to behave anemically. After six months of operation, look into that. We want to make sure we dont do temporary safety ideas that just get solidified and end up inhibiting our future capacity. Ok, well follow up on that. Call your next item, item 5, the exclusive directors report. Good morning, directors. Im pleased to provide you this morning with an update on Ongoing Operations at the Transit Center and our work to move forward. Its been a busy month of transit operations, events and activities, as well as efforts to onboard new tenants and retail spaces. First off, staff plan and responded to potential im