California Construction News staff writer
The San Francisco Board of Supervisors has unanimously approved the term sheet for the Fisherman’s Wharf Revitalized project, a significant step forward in the transformation of the city’s waterfront. The term sheet outlines high-level plans, financing structures, and lease terms between Fisherman’s Wharf Revitalized and the Port of San Francisco.
The agreement paves the way for redevelopment at Pier 45 and adjacent Seawall Lots 300 and 301, located along the northern waterfront. With the approval in place, the project’s developer will now proceed with detailed designs, further negotiations with the Port, financial due diligence, and environmental and regulatory reviews.
“This is a major milestone for what will be the most transformative improvement along the northern waterfront since the Embarcadero freeway came down,” Mayor London Breed said. “Once completed, this revitalization will turn Fisherman’s Wharf into a destination where both locals and visitors will want to be.
“It will bring new energy to our waterfront, boost tourism, and create a place for San Franciscans to enjoy for generations. This is exactly the kind of investment and vision we need to support our local economy.”
Revitalized Fisherman’s Wharf LLC, a group that includes former Boudin Bakery owner Lou Giraudo and Mission Bay Development Group’s Seth Hamalian sent an unsolicited development proposal to the port in February 2023. The plan includes separate developments at Pier 45 and Seawall Lot 300-301.
At Pier 45, plans include the renovation of Shed A and construction of a new Shed C. Shed C will feature a fishing industry storage facility, a processing area with a public viewing space, and additional parking.
Construction will also improve public access along the eastern apron of the pier. A major feature of the redevelopment will be the “Fisherman’s Wharf Experience”, which will include a seafood market, food hall, exhibits about the fishing industry’s history, and space for performances and events. The renovation will also focus on upgrading the pier’s infrastructure to withstand earthquakes and rising sea levels. The project will preserve space for the Musee Mecanique and the U.S.S. Pampanito, two well-known local attractions.
At Seawall Lot 300-301, the developer plans to create an expanded waterfront plaza, a shared-use promenade, a visitor center, a beverage garden, and short-term vacation rentals.
“We are grateful for the continued support from Mayor Breed and the Board of Supervisors,” said Seth Hamalian, principal of Fisherman’s Wharf Revitalized. “We remain committed to engaging with the fishing industry, local businesses, and the broader community to ensure the project enhances the waterfront while preserving the unique character of the area.”
