The Airport Commission has commenced the Request for Proposals (RFP) process for the Harvey Milk Terminal 1 Food and Beverage Concession Leases in Phases 3 and 4. The RFP includes a Gourmet Grab & Go Market Lease, a Food Hall and Pop Up Food Program Lease, a Sit-Down Restaurant & Bar Lease, and two Small Business Enterprise Set-Asides for a Coffee Lease and a Japanese/Poke Lease.
The proposed Minimum Annual Guarantees (MAG) range from $275,000.00 to $1,685,000.00:
Rent for the Grab & Go Market, Coffee, and Japanese/Poke Leases shall be the higher of the MAG or the sum of the percentage rent structured as follows: 8% of Gross Revenues achieved up to and including $500,000.00, plus; 10% of Gross Revenues achieved from $500,000.01 up to and including $1,000,000.00, plus; 12% of Gross Revenues achieved over $1,000,000.00.
Rent for the Sit-Down Restaurant & Bar Lease shall be the higher of the MAG or the sum of the percentage rent structured as follows: 8% of Gross Revenues achieved up to and including $1,500,000.00, plus; 10% of Gross Revenues achieved from $1,500,000.01 up to and including $2,000,000.00, plus; 12% of Gross Revenues achieved over $2,000,000.00.
Rent for the Food Hall and Pop-Up Food Program Lease shall be the higher of the MAG or the sum of the percentage rent structured as follow: 8% of Gross Revenues achieved up to and including $2,000,000.00, plus, 10% of Gross Revenues achieved from $2,000,000.01 up to and including $2,500,000.00, plus, 12% of Gross Revenues achieved over $2,500,000.00.
All Leases shall have a term of twelve years with one 2-year option to extend at the Airport Commission’s discretion.
The Informational Conferences will be held on:
- When: Thursday, October 3, 2019
- Time: 10:00am
- Location: SFO Aviation Museum and Library
Small, local and disadvantaged businesses are encouraged to participate.
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