operate. probably not a huge percentage of their sales, but enough to make it possible for them to operate at that site given the square footage. it is a business decision. we are getting in the way of business decisions for not a valid reason, as far as i can seek. i am very much in favor of the project and i hope it does pass in a different form. we ll see how the vote goes. vice president miguel: i do not want to continue this too much further but i just want to tell commissioner sugaya that i agree with him and i understand why he is voting against the motion. i brought it up originally the fact that they should have separated and we would have prevented and we were prevented from considering them separately. i hope i do not see that again in the future. i am agreeing with commissioner olague and that the space has to move ahead. i am not like to complicate this but you can vote on one form and not the other. bundling them you do not have to vote on the package. y
forward at the earliest possible time. that concludes my comments. i m available for any questions you may have. and rick juarez from artstone is also available for any questions you might have. thank you. president olague: thank you. i would like to open it up for public comment at this time. one minute. wow. sue hester. i have as much to on this project as they do. we have been asking at the community level the department to do a dashboard showing. what type of housing is being proposed, pardon me, approved by the department, and constructed by price level? we ve been asking for it for four or five years. peter cohen and i particularly have been diligent on this. we ve been asking it so that you would have something to look at that shows what are we building, how does it meet our housing needs, and we keep being shined on by staff. it always is going to be a project that we re going to deal with in the next year, the next six months, whatever. but we don t have it. and
we have a motion on the floor. commissioner moore: i would like to hear the director clarify that for us. commissioner sugaya: to the developer, i have one quick question. how long are in your leases to these two entities. the primary term of the leases are 15 years. commissioner sugaya: thank you. president olague: we have not had a conversation about a lot of the items that seem to relate to this project. they need to happen. currently, we are operating with a set of rules that that is the way it is. i think the rules are pretty clear. let s call the question. you have a motion on the floor for approval as proposed with modifications. the board requests abc that they not allow the liquor license for cvs but if they do, that they limit the hours of the sale of liquor. commissioner antonini: aye. commissioner borden: aye. commissioner fong: aye. commissioner sugaya: no. vice president miguel: aye. commissioner moore: no. president olague: aye. that motion passes. you
you can go separately. you can vote separately. commissioner borden: in the tenderloin, they are having a hard time getting a grocery store. i do not want to belabor the point, but for whatever reason, we do not have a lot of grocery operators. i think the reason you have these two uses is for other reasons. trader joe s model is not for large stores like safeway. they cannot get a grocery retailer. in reality about the size and space of this site that has put us in this situation i would caution against bifurcating the two because the issue is the only works by bringing these parties together. it seems to be the case. i think we have the labor the point around what concerns us and we have taken the best measure that we can. but at the end of the day, we do want to see the space filled. the size and scope of the space this seems like the best kind of outcome at this point until late redevelop the project and do something different. commissioner moore: i believe it is pe
and we are placing a substantial new investment behind that belief. 2012 schedule, the u.s. and the bay area for sale housing markets have endured a major recession that s not yet over. i ve already said that. however, the rental housing market is showing signs of strength which if sustained should be great enough to allow financing and construction of new downtown high-rise rental projects. those with the best location and strong sponsorship. in anticipation of this more promising environment, artstone has authorized up to $4 million of additional capital investment in 340 fremont street and we intend to use this investment to complete design and construction documents during 2012. and then be ready for project financing and construction start. with this investment, and our own steady work, and a consistent, stable rental financing market, we expect to be ready to start construction approximately 12 months from today. the rincon hill plan, the ideas behind the rincon hill pl