SAN FRANCISCO (KCBS) – Oracle CEO and billionaire Larry Ellison’s plans to bring the America’s Cup to San Francisco in 2013 just got a whole lot smaller and even still, critics of the race aren’t ready to sign off on the deal just yet.
On Monday Mayor Ed Lee announced scaled back plans for the city’s waterfront that would axe the redevelopment of Piers 30 and 32.
Board of Supervisors president David Chiu said it’s a complex arrangement, in which Ellison invests an ever-growing amount of money to fix the waterfront in exchange for more and more development rights.
KCBS’ Doug Sovern Reports:
The agreement, he said, became too unwieldy, and went far beyond what needs to be done to host the yacht races.
“With that off the table Mr. Ellison doesn’t have to worry about investing that level of money [and] we don’t have to worry about giving up those long-term real estate rights,” Chiu said.
Former Supervisor Aaron Peskin, who’s suing to block the whole project, wants to know if Ellison is giving up his right to all of the other parcels that were part of the deal.
“This certainly appears to be a large step in the right direction, but nobody knows the details of what’s going on including the city. I think these are going to be subject to negotiation over the days ahead,”
Oracle Racing’s Stephen Barclay said most importantly, the race is exactly the same.
KCBS, CBS 5 and SF Chronicle Insider Phil Matier commented on how the scaled-down redevelopment won’t create as many construction jobs, but added that the waterfront will mostly stay the same.
KCBS, CBS 5 and SF Chronicle Insider Reports:
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