The Port of San Francisco, which owns the land, has givenShorenstein and its partner, Farallon Capital Management LLC, untilAug. 31 to submit a revised plan for Piers 27-31. The originalplan, for 440,000-sf of office and a public recreation center waspulled off the table shortly before an expected vote in Januaryafter concerns were expressed by State Lands Commission executivedirector Paul Thayer and environmental groups.

The revised plan is likely to result in at least some of theoffice space in the original plan because Pier 27, where theterminal would be located, was slated to hold one-third of theoffice space. "It's too soon for us to know exactly what the planwill look like," Todd Sklar, head of Shorenstein's developmentgroup, tells GlobeSt.com. "We are looking at a number of differentoptions right now."

Given its belief that the office component is needed to achievea reasonable return from the project, project financially feasible,Shorenstein will try to retain as much of the office space in theoriginal plan as possible. At least 200,000 sf is essentiallypreleased, as both Shorenstein and Farrallon have committed tomoving their headquarters to the location.