Residential is so the zone something proposed to be flexible to respond to different market conditions. This china basin park proposals is one of the reasons why the giants the sea well lot 337 llc. , proposal is receiving such positive tension its because of the attention they have given to the design of this water front open space. It would be 5acres the costs are high. We are looking at entirely newue tillity infrastructure new streets, sidewalks sidewalks and park locate and is improvements to pier 48 currently estimates at over 2 million in current 2,012 and this infrastructure is really needed to unlock the value of this site for the port and for development. Very significant this would be an entirely new city neighborhood with Significant Economic Development for the city as a whole and 5,000 construction jobs and over 7,000 permanent jobs on the site and 10,000 jobs regionally with up to 2,000 new residents so erail mentioned the fiscal analysis that we would do through fiscal
The a pennities that we strive to provide and so this development is contemporary plating 3. 5 million square feet of mixed use development and unto a thousand unit of residential and up to one. 7 million square feet of commercial office space with ground floor retail and approximately 2800 to 3,000 Parking Spaces with over 8pm acres of parking space and the proposed plan to to be flexible and this is a Phase Development that will happen as early as 20 scene, 207 in the initial phase and its hard to tell now what the right mix of office vs. Residential is so the zone something proposed to be flexible to respond to different market conditions. This china basin park proposals is one of the reasons why the giants the sea well lot 337 llc. , proposal is receiving such positive tension its because of the attention they have given to the design of this water front open space. It would be 5acres the costs are high. We are looking at entirely newue tillity infrastructure new streets, sidewalks
Costs in this project and so this policy is really going to attract huge a much larger amount of private investment than we have seen since the adoption of the private land units lan and to pay for critical city owned land use structure and with that, brad will talk you through the project. Thank you elane. And we do think that this is potentially a game changer for the port. I want to make one minor correction. We have not calculated yet the amount of i f d ass that are captured in pier 70 and it can be the location that we capture the tax increment and it could be that these projects will reach a billion dollars of investment from the i f d actual and that is 3 billion in private investment and you plus up to a billion dollar in public investment. Each of the project the term sheets for these projects are expected to be by the Port Commission by 2013 and then off to the board of supervisors for term sheet consideration and possible endorsement and then each of the project would be su
By senator kaine and other members read we are in the midst of voting. I like to welcome her awareness as to the hearing this afternoon. Frederick stefany deputy secretary. That is a mouthful. Welcome mr. Secretary. Assistant secretary of the navy for Research Development and acquisition admiral William Galinis Systems Command rear admiral Troy Mcclelland Program Executive officer for Industrial Infrastructure and ms. Diana maurer in the government accounting office. Thank you for your service to the nation and for the truly professional service of the men and women under your command. I also want to recognize the Ranking Member senator cramer and senator kaine and senator sullivan and i appreciate my colleagues joining us to hold this joint readiness hearing on this very important subject. We stand at a crossroads today. The nation shipyards are in dire need of modernization to make sure to maintain the Current Fleet in the fate of the future. Encourage the navy has finally gotten ser
By senator kaine and other members read we are in the midst of voting. I like to welcome her awareness as to the hearing this afternoon. Frederick stefany deputy secretary. That is a mouthful. Welcome mr. Secretary. Assistant secretary of the navy for Research Development and acquisition admiral William Galinis Systems Command rear admiral Troy Mcclelland Program Executive officer for Industrial Infrastructure and ms. Diana maurer in the government accounting office. Thank you for your service to the nation and for the truly professional service of the men and women under your command. I also want to recognize the Ranking Member senator cramer and senator kaine and senator sullivan and i appreciate my colleagues joining us to hold this joint readiness hearing on this very important subject. We stand at a crossroads today. The nation shipyards are in dire need of modernization to make sure to maintain the Current Fleet in the fate of the future. Encourage the navy has finally gotten ser