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Ford Building, Richmond Redevelopment Agency
Over a period of several years, CCG's principal has assisted the Richmond Redevelopment Agency with redevelopment strategy for the historic Ford Assembly building located on the Richmond waterfront. The building was "red-tagged" after being heavily damaged in the 1989 Loma Prieta earthquake and has been vacant since then. It is now proposed for renovation and redevelopment as a mixed used development. The project incorporates a Federal Emergency Management Agency (FEMA) grant, HUD Section 108 funds, tax increment bonds, historic tax credits, and the potential restoration of ferry service between Richmond and San Francisco. Because of the historic status of the building and the waterfront location, the project also involves a complex set of regulatory issues and agencies.
Prior to forming CCG, Denise Conley assisted the Agency with initial developer solicitation, feasibility analysis, and development proposal evaluation. The Agency chose not to go forward with the project at that time.
CCG was retained to assist the Agency with a third round of developer solicitation and selection in 2003, and supported the Agency in developer negotiations for this complex development. Most recently, CCG completed a reuse valuation and documentation of the public-private transaction in accordance with Section 33433 of the California Redevelopment Law.
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Ferry Building, Port of San Francisco
Heavily damaged in the Loma Prieta earthquake, the Ferry Building needed extensive rehabilitation in order to remain a major source of lease revenue for the Port of San Francisco and insure its place as an important civic icon. CCG's principal conducted a focused evaluation of the market potential for rehab and adaptive reuse of the building. The feasibility assessment included evaluation of the types and sizes of the potential office, retail and entertainment uses that could be included in the project; relationship to transportation functions; public and private sector involvement; economic performance; the availability of resources; subsidy required; and relationship of the project to the surrounding urban fabric. Prepared a financial model to test the financial feasibility of the project, estimating the project's capital costs, the ability to support those costs, and the potential land rent revenues to the Port.
As a next phase, assisted the Port with the developer solicitation process, evaluated the multiple strong proposals submitted, recommended a developer selection strategy and assisted with successful ground lease negotiations.
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