X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-The Presidio Trust has decided to redevelop its centuries-old Army base into a tourist attraction, building a new campus and park in its place. This move opens the door for hotels, retail stores and museums.

The Presidio’s new plan will demolish several buildings to create open space and provide room for retail and commercial development. The plan awaits approval from the trust’s board of directors, which may not happen until next year.

Despite protests from neighbors and environmentalists, who have been struggling to keep new development out of the prestigious area, the Presidio Trust says it will move forward with its plan. Officials claim that the Presidio needs to provide money for educational programs under a 1996 Congress order, and is presently not self-sufficient.

Under the congressional order, the Presidio is subject to be liquidated and sold to private bidders unless it becomes financially stable by 2013. Some ideas that the Presidio Trust has suggested include raising the number of residents from 2,250 to 3,720, increasing open space under the Presidio’s control from 696 acres to 793 acres, and decreasing the space of building-covered property from 6 million SF to 5.6 million SF in the next 20 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.