Port Commission Launches Blue Economy, Advances $182M Hotel After Decade-Long Wait

The San Francisco Port Commission opened a new chapter on July 14, electing Stephen Engblom as president, unanimously launching a first-of-its-kind program to recruit ocean-economy startups to the waterfront, and green-lighting a restructured luxury hotel deal more than a decade in the making. Newly sworn-in Executive Director Michael Martin set the tone for his tenure by spotlighting the Embarcadero Seawall Program as the largest infrastructure investment in Port history — and by confronting the politically charged Giants Pride Night controversy head-on.

• Blue Economy Initiative launches with tiered leasing incentives capped at $250K to attract sustainable maritime businesses across seven sectors
• $182M hotel and Teatro Zinzanni dinner theater project advances with revised lease terms and a ~$38M city tax incentive — still needs Board of Supervisors approval
• Port revenue at Fisherman's Wharf down 33% since 2019; staff outlines $35M Pier 45 repair and over a dozen waterside upgrades
• Engblom directs staff to develop LGBTQ inclusion recommendations in response to Giants Pride Night incident, noting Oracle Park sits on Port property
• Stephen Engblom and Ken McNeely elected Commission president and vice president unanimously

The Commission unanimously adopted Resolution 2638, creating Phase 1 of the Port's Blue Economy Initiative — a leasing incentive program designed to lure sustainable maritime businesses to vacant and underused waterfront space.