April 1977 - Maritime Reporter and Engineering News

Soros Associates Offer To Build Bulk Facility In Port Of San Francisco

One of the world's largest bulk cargo terminal builders has proposed to build a major bulk handling facility at its own expense on the Port of San Francisco's south waterfront.

Soros Associates, headquartered in New York City, suggested to the San Francisco (Calif.) Port Commission a development agreement under which a wholly owned Soros subsidiary would engineer, build and operate the terminal on Pier 94 north, south of Islais Creek.

The undertaking, involving an expenditure in excess of $30 million, would be handled by Bayshore Bulk Terminal Company, the wholly Soros-owned subsidiary.

The agreement would include an option to shift the site from Pier 94 north to Hunters Point Naval Shipyard should the port succeed in obtaining a sublease of a part of the shipyard from Triple A Machine Shop.

"The firm recognizes Hunters Point has a far greater economic and cargo potential than Pier 94 north," said port director Thomas T. Soules.

"Bayshore therefore wishes to be guaranteed the first option on Hunters Point if that property becomes available to us." Should Bayshore obtain all the necessary permits and build the terminal — a two to three-year project — a lease will be drawn under which the port will collect a land-use rental. When the bulk cargo starts moving, the port will additionally collect a percentage of the "through-put" revenues.

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