Mayor Ed Lee approves long-term lease for the Mexican Museum
Mayor Edwin M. Lee recently hosted a signing ceremony at City Hall to commemorate his signing into law legislation that approves a long-term lease for new home of The Mexican Museum. Two weeks ago, the San Francisco Board of Supervisors unanimously approved a long-term lease for the future home of The Mexican Museum, a Smithsonian affiliate, in the Yerba Buena Garden Arts District.
The approved lease is for the cultural component space that is part of the 706 Mission Street Residential and Mexican Museum Project, a part of which encompasses city-owned land.
The initial introduction of the long-term lease was submitted by Mayor Lee, and the lease legislation was co-sponsored by Supervisors Jane Kim, David Campos, Malia Cohen, John Avalos, Eric Mar and Scott Weiner.
Mayor Lee’s signature will finalize the 66-year lease, which has an option for another 33 years. With the lease in place, and construction set to begin on the project this summer, The Mexican Museum is well on its way to realizing its supporters’ long-term dream of building a permanent home worthy of the Museum’s world-class permanent collection of over 16,500 objects.
The Mexican Museum worked collaboratively in structuring the lease agreement with Millennium Partners, who is building the core and shell for the cultural facility at estimated cost of $30 million, as well as providing a $5 million endowment to be used to operate the cultural space. The Museum also worked closely with the Office of Community Investment and Infrastructure (OCII, aka “The Successor Agency to the San Francisco Redevelopment Agency”), as the land is being transferred to the City and County of San Francisco after 20 years under the care of the former Redevelopment Agency.