San Francisco Boys & Girls Club to snag land in bargain deal

| January 04, 2012
Logo_bgcsf_.jpg

A city-owned property could end up being developed by the Boys & Girls Club, which would purchase the lot at millions of dollars below the market price.

The Board of Supervisors Budget and Finance Committee is poised today to approve the deal to sell the approximately 1 acre of land, known as Parcel F, at Fulton and Gough streets to the Boys & Girls Club, which would construct a clubhouse with a pool, gym and community center for teenagers.

The new facility is expected to serve 3,000 youths annually.

The nonprofit would buy the parcel at $2.5 million, a price The City acknowledges is significantly below the estimated market value of $8.4 million.

But the deal is supported by the Office of Economic and Workforce Development, which said the area is in need of such a youth-serving facility, and it would cost The City millions of dollars if it were to build such a project on its own.

The committee had postponed a vote Dec. 7 until today to have more time to consider the agreement after amending it to provide more financial protections for The City.

Under the deal, The City is entitled to 50 percent of the sale or lease proceeds of an expected residential development on the parcel.

Rob Connolly, president of the Boys & Girls Club of San Francisco, said the organization had been looking for the past five years to build a new clubhouse in the area because its facility at 1950 Page St. is in poor condition.

The parcel is one of 22 properties The City took over after the demolition of the Central Freeway, which was damaged in the 1989 Loma Prieta earthquake. Sixteen of the properties have since been sold.

jsabatini@sfexaminer.com

Tags