America's Cup Economic Impact
As final approvals near, real draw of America’s Cup questioned
The business formula of the America’s Cup seems simple: If you race them, they will come.
But as city officials consider a waterfront investment deal finalizing the terms of the yacht regatta, they are left guessing just how many will come. Read more »
America's Cup waterfront development rights still under debate
It has been mostly smooth sailing in recent weeks for plans surrounding the America’s Cup yacht race, but negotiations over The City’s most prized waterfront development properties could bring choppier waters.
At stake are the terms of shoreline development rights the America’s Cup Event Authority — the private company behind the race — would receive in exchange for financing pier improvements, including a world-class cruise ship terminal. That would allow America’s Cup officials, including billionaire Larry Ellison, control over the construction of condominiums and retail along the coveted Bay-front. Read more »
America’s Cup To Create Estimated 8,000 Jobs
The 34th America’s Cup (AC34), featuring the best sailors in the fastest boats in the world, is set to provide a variety of community benefits for residents of San Francisco while promoting economic development and create jobs and small business participation opportunities for San Franciscans.
A new workforce plan, prepared by city and race officials, reveals the America’s Cups potential to inject an estimated $1 billion into the local economy and create upwards of 8,000 jobs.
The AC34 consists of three main stages: the America’s Cup World Series, the Louis Vuitton Cup, and the America’s Cup Finals. San Francisco is scheduled to host two America’s Cup World Series events in the summer of 2012, taking place August 11-19 and August 27-September 2, 2012. The Louis Vuitton Cup will be held in the summer of 2013 from July 4, 2013 to September 1, 2013.
Piers 27 and 29 are proposed by the AC34 project sponsors as the site of one of the primary AC34 venues in 2013. Pier 27 also is the site proposed by the Port for the development of a new Cruise Terminal project.
The Plan sets forth the employment, contracting and small local business inclusionary goals for AC34, including promoting the employment of San Francisco residents and disadvantaged residents, and generating business contracting opportunities for small local firms.
Local Level Hiring Goals:
Event Authority Commitments
- The Event Authority, in consultation with OEWD, has set a goal wherein 50% of all new entry-level hires will be San Francisco residents referred by the OEWD workforce system for all Event Authority contracts of $150,000 an more.
Construction Work
- The Event Authority has set a goal of 20% of all construction hours going to San Francisco residents, with 10% of the hours going to economically disadvantaged residents; 50% of all apprentice hours going to SF apprentices, with 25% of these to economically disadvantaged apprentices on these projects, on a trade-by-trade basis.
Installation Firms
- 20% of all permanent non-managerial, non-supervisorial jobs to be filled by San Francisco residents, with 10% of these jobs to be filled by economically disadvantaged San Francisco residents; and 50% of all new hires to be San Francisco residents.
This Workforce Development and Local Small Business Inclusion Plan outlines the Event Authorities approach and strategies presented thus far to connect local workforce and local businesses to opportunities with AC34 in San Francisco. The plan will evolve over time in consultation with delivery organizations and consideration of stakeholder feedback.
Megayachts a no-show for America's Cup events
The vision all along was to have dozens of superyachts anchored just outside the perimeter of the newly designed America’s Cup race course.
Sleek, shiny yachts were supposed to mark the course boundaries while giving yacht owners, guests and crew a front-row view of the action of the speedy AC Class 45-foot catamarans zipping around at up to 25 knots.
At least, that was the way it was presented by the new management team at the America’s Cup Event Authority at a superyacht forum in Ft. Lauderdale last spring. Read more »
San Francisco Port Commission votes for new terminal
The five-member San Francisco Port Commission has voted unanimously to approve the construction of a new cruise terminal at Pier 27.
The project will meet growing needs of San Francisco’s cruise business and provide platform for 2013 America’s Cup Races, officials said earlier.
“For more than two decades, we have been trying to find the mechanism and the money to construct a new cruise terminal that is befitting of the city’s prominence as a world class destination,” said San Francisco mayor Edwin Lee. Read more »
