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Old Posted May 23, 2012, 1:22 PM
OhioGuy OhioGuy is offline
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Warriors face many hurdles in building S.F. arena

SFGate.com
Heather Knight,John Coté
Wednesday, May 23, 2012


Quote:
It's yet to be seen whether this particular production will be a feel-good story, as the Warriors and city officials pledge, or a heartbreaker like so many previous efforts to develop the 13-acre patch of crumbling concrete and pilings just south of the Bay Bridge.

Lack of money and frustrations with the politics of San Francisco have sunk at least five previous efforts, some with major players behind them like Oracle billionaire Larry Ellison, who backed out of a plan this year to build on the piers as part of the America's Cup sailing race deal.
Quote:
The Port of San Francisco estimates the piers will be condemned in 10 years if not dramatically overhauled, but that's exactly what the Warriors have in mind to support their new stadium: a $75 million to $100 million repair job on the pilings supporting the piers and a brand new surface on top of it.

An iconic, high-tech arena, retail center, restaurants, parking garage and public park space is estimated to cost an additional $500 million - all to be privately financed except for the handover of the piers and an adjoining lot across the Embarcadero from the city to the team on long-term leases. The combined value of those properties - with Piers 30-32 in usable condition - was about $55 million, according to city officials. But in its current state, the piers have a negative value, they said.

Ellison's loss may prove beneficial to the Warriors because the team now has access to the Oracle co-founder's extensive engineering studies done on Piers 30-32, which were provided to the port, and to thousands of pages of public documents produced last year for the environmental impact review of the America's Cup regatta that include analyses of the piers' physical condition, animal species in the water and traffic issues. Guber and Warriors co-owner Joe Lacob say they're fully aware of the condition of the piers and will soon be putting out a bid to fix them.
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