Quick, you can see visual representation, the parking lot is a surface parking lot now. Lot a, this shows 11 different sites on parking lot a, it parking will be collapsed into a structure on south side of the site. Also there will be parking underneath Mission Rock Square which is in the middle. So some of the values, one, parks and open space, from the beginning of the process, it was determined we should have a major waterfront space in front of the china bay son channel. It will continue to evolve as we move forward, and features a lot of component tell us, the community and neighborhood would like to see in the open space. It features a square in the project, which can serve as the neighborhood hub, if you will. Back to the values of parks and open space, also a value is creating a place within mission bay, if you talk about value, you talk about 24th street you talk about fill more street, with residents, and workers near buy can can get their dry cleaning and grab something to e
Reap the maximum benefit is that we are prizing the lapped and the finished parcels after the entitlement and infrastructure and that is a ready to go parcel and create the maximum value and subject to market timing risks which is something that we need to consider and we are not trying to set the value now or to speculate to the spakt value we are trying to create a maximum opportunity for the port to get that value. The normal and deal very normally would involve an early sale, or option, that is not the structure that we have put forward. Other principles are for the port to continue to have participation. These are long terms, the current use makes a lot of money and will grow over time but it does not have this time to create large, new, Economic Opportunities for the private community through the development and share as a city agency and so that is one of the main reasons that we are trying to do this. Before i move on to port rent, i want to talk about the numbers behind what w
Thank you. Thank you jonathan. To sum up a unique opportunity at this wonderful location and we believe that we have the right project before you today. It is going to improve over the next several months and years, as we go through the entitlement process it has improved since it was proposed in the rfp er a and we have a great partner and a good team and we are very excited to move forward. Again the location, we could not ask for a better location, we think that is going to take advantage of the market and the market is going to reflect the value that the site has given the location and given truly it is the first piece of Large Development land now as you head out from the citys financial center. And the Public Benefits it is going to bring as mentioned the Land Use Program is diverse and it is robust and a lot of great thinking has gone into how to make this site work, what is the right mix of uses of retail, open space, how all of this interrelates and the work that we have done
Agency and so that is one of the main reasons that we are trying to do this. Before i move on to port rent, i want to talk about the numbers behind what we think that the infrastructure and costs will be and the source of the funds, if you will. To get this month ject done right now when we look at the project per form a analysis, it looks like there will be 100 million of the developer that will be needed to get the project done, this is a lot of at risk money, 15 million of that will be happened in the predevelopment phase and that is very risky money and we have as phil as pointed out and negotiated what we believe to be a market rate of return on that development capitol. They will provide the up front money and there will be other sources to funding that will partially pay directly some of the infrastructure into that Development Costs and reimburse their equity. And return on the equity. We are talking about 125 to 154 million. With this announcement of anchor, before we peged th
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