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COVER STORY A NEW DAY FOR THE WARRIORS is more than a new, $1 billion home on the San Francisco waterfront. When it opens next month, it will put the team in a whole new ballgame. BY RON LEUTY, 16

TODD JOHNSON

STRUCTURES HOSPITALITY EXECUTIVE PROFILE Women-led deal Bagging an icon Batting cleanup Stockbridge CFO Kristin Timbuk2 and its messenger By her own admission, Lydia Renaudin was part of an bags have been synonomous Tan doesn’t know baseball. But all-female team — 14 in all — with the San Francisco she knows real estate, so she’s behind the investor’s $570 “maker” movement for 30 a key player for the A’s in the million portfolio purchase. years. A new owner says its team’s quest for a new stadium. BLANCA TORRES, 6 HQ isn’t going anywhere. BLANCA TORRES, 35 KATIE BURKE, 11

SAN FRANCISCO Breaking news online BUSINESS TIMES r SanFranciscoBusinessTimes.com August 16, 2019 Vol. 34, No. 5, $10.00 On Twitter and Instagram 275 Battery St. @SFBusinessTimes Suite 600 San Francisco, CA 94111 Daily email updates L SanFranciscoBusinessTimes.com/newsletters 16 SAN FRANCISCO BUSINESS TIMES

TODD JOHNSON

COVER STORY THE CHASE IS ON More than five years and $1 billion in the making, the Warriors’ Chase Center arena is ready for its tipoff

BY RON LEUTY | [email protected]

hen rock band Metallica and the on, off and beyond the court into one of pro San Francisco Symphony strike sports’ most successful and valuable franchises. the first chords to open the The Warriors now are valued at close to $3.5 $1 billion Chase Center arena billion last season, according to Forbes — though W Sept. 6, the insiders put its value closer to $5 billion. will officially be playing a whole new ballgame. Central to those ambitions is Chase Center, The franchise — the onetime National Basket- a privately and creatively financed project that ball Association court jester turned three-time includes the 18,500-seat arena, two office build- NBA champion in the past five years — will take ings totaling 580,000 square feet and 100,000 full control of its financial destiny. As the arena square feet for restaurants and retail. owner, it has already lined up billions of dol- It was built, starting in January 2017, by a lars in new revenue as it prepares to introduce joint venture of Clark Construction Group and a new waterfront entertainment mecca to San Mortenson Construction. Francisco. For good or bad, the Warriors also will The Warriors have $2 billion in contractual- redraw the future of San Francisco’s Mission Bay ly obligated revenue from the likes of “found- neighborhood. ing partners” — Palo Alto-based IT infrastruc- SFBT PHOTO 2017 / TODD JOHNSON The completion of the arena marks the culmi- ture company Hewlett Packard Enterprise Co., nation of one set of Warrior ambitions. But it’s consulting and professional services firm Accen- ‘We are not just a just a part of an even larger one. ture plc, United Airlines, PepsiCo Inc. and Bel- “We are not just a sports team anymore,” CEO mont-based cloud communications technolo- sports team anymore.’ and co-owner said at an event earlier gy company RingCentral Inc. They also have the this year revealing the inaugural Metallica-San 20-year, $300 million-plus arena naming rights JOE LACOB Francisco Symphony concert. “We are a sports deal with JPMorgan Chase & Co. WARRIORS CEO, and entertainment organization.” Seat sales and a required additional “member- CO-OWNER With Lacob as CEO, over the last decade the ship fee” for season tickets will generate more Warriors have been comprehensively reworked than $1 billion over the next several years. AUGUST 16, 2019 17 CHASE CENTER

‘It’s something that could never happen anywhere else.’

RICK WELTS WARRIORS COO, PRESIDENT

$3.5B

$3.1B TEAM’S VALUE SOARS $2.6B The Golden State Warriors’ value, as figured by Forbes, has increased more $1.9B than tenfold TODD JOHNSON since 2008.

$750M The Warriors also have tapped into nontradi- What’s more, the organization sold 45 percent tional sources of revenue, thanks in large part to of the two 11-story office buildings along Third the Bay Area’s booming economy, its tight com- Street in front of the arena to ride-hailing service mercial real estate market and the team’s pop- Uber Technologies Inc. and 10 percent to Alexan- ularity coming off five consecutive NBA Finals dria Real Estate Equities Inc. That joint venture is appearances. expected to snare $1 billion in rent over 20 years $450M The Warriors snagged a deal — believed to be from Uber. $309M worth $200 million or more over 20 years — with “It’s something that could never happen any- longtime partner Kaiser Permanente to slap the where else,” Warriors President and Chief Oper- health care provider and insurer’s “Thrive” tag- ating Officer Rick Welts said about Chase Center.

line onto the plaza in front of Chase Center. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 18 SAN FRANCISCO BUSINESS TIMES CHASE CENTER

Chase Center Oracle Arena KEEPING SCORE scoreboard scoreboard The central scoreboard at Chase Center will be the largest in the NBA, with 9,699 square feet of display space.

PHOTOS / TODD JOHNSON

BY THE NUMBERS 3,108 square feet on plaza video display, shown here under 3 million construction work hours by construction crews 114,000 1,380 cubic yards of number of construction concrete workers

7,700 18,080 552 36 number of Uber seating capacity for taps eateries employees in two office basketball; 18,500 for center- 100,000 buildings, plus two more stage concerts; 2,000-5,000 274,000 square feet of buildings just north of the for “theater” events linear feet of “beer line” retail space site 8 23 full kitchens bars (versus one at 9,699 Oracle Arena) 580,000 square feet of PHOTOS / TODD JOHNSON square feet of space in scoreboard displays two office towers fronting — most in the NBA Third Street 300 925 1 Warriors Way bike valet parking spots on-site parking spaces Chase Center’s address AUGUST 16, 2019 19 CHASE CENTER

KEY PLAYERS KIM STONE BY RON LEUTY | [email protected]

hen Kim going to be flawless,” said Stone visit- Stone, who lives in the Mis- ed her father sion Bay neighborhood and during a often rides a scooter, “but W summer in we’re going to try to be.” college, she rode her bike When the facility opens, to Walnut Creek, took BART Stone’s staff will have bal- into San Francisco and ped- looned from 12, when she COURTESY CHASE CENTER aled along The Embarcadero was hired in April after 23 to work at Pier 39. years with the Miami Heat, team’s regular home since than a dozen years as general Her latest job along San to more than 130 full-tim- ‘I don’t 1971 — workers were hired manager of the Heat’s Amer- Francisco’s waterfront — ers. Under them will be profess that by the Oakland-Alameda ican Airlines Arena. general manager of Chase more than 1,400 custom- County Coliseum Authority. Stone has assembled a Center arena — involves a er-facing part-timers and we’re going Now the Warriors are taking team that includes veterans shorter commute but great- back-of-the-house person- it all on themselves. of Oracle Arena, Moscone er demands. nel that will set the tone for to be flawless Stone took over from Center and New York’s Mad- The facility’s official everything from how peo- Steve Collins, who left earli- ison Square Garden. She opening Sept. 6 is highly ple get to and move through — but we’re er this year. Between them, also has brought in others anticipated, in part due to the facility, how well they the Warriors have had to who have opened NBA are- the Warriors’ five consecu- can send their photos over going to try build an events business that nas in recent seasons in Sac- tive NBA Finals appearances, social media and whether can execute some 200 times ramento and Milwaukee to in part because of the mas- they enjoy the food. Arena to be.’ a year for Warriors games, advise her team. sive nature of the project and security, maintenance and concerts, family shows, col- “We’re going to pick the in part due to fears over traf- booking and setup for non- KIM STONE lege basketball games and best of all of those venues,” fic around the arena on days basketball events also fall to CHASE CENTER, more. That’s where Stone’s Stone said. “That’s how of games and other events. Stone’s crew. GENERAL MANAGER experience at Miami comes we’re going to make Chase “I don’t profess that we’re At Oracle Arena — the into play, including more Center special.”

WILL HON PETER BRYAN MANICA ARCHITECTURE, WARRIORS, VICE PRESIDENT, DIRECTOR CONSTRUCTION AND DEVELOPMENT A Kansas City-based director The Warriors executive — hired in May 2016 from Clark Construction at Manica Architecture, Group, one of the arena joint-venture contractors — has been the Hon worked closely with boots on the ground for the project. In addition to overseeing the then-GM of Chase construction, Bryan became the showman of the project, giving Center, Steve Collins; vice countless tours over the 2½ years of construction. president of construction and development Peter Bryan; Pat Ankney and Ben Fleener of architect Kendall/Heaton Associates in Houston JEFF HENRY and lead engineer Wyatt GENSLER INTERIORS, DESIGN DIRECTOR, PRINCIPAL Henderson of Magnusson Working with a team that included Keith Collins and Stephanie Chavez, Klemencic Associates in Henry was named interior architect in spring 2016. He said his team . It was a challenging had to design space that could efficiently move people around the site with poor soils and arena, as well as blend with the city skyline and bayfront. He worked strict earthquake-safety on the main entry lobbies, private clubs, suites, loge boxes, courtside requirements. That team lounges, concourses, concessions, media center, locker rooms, made changes to the arena’s training facilities, headquarters and the retail exterior at Warriors early design, constructing the Way and Terry Francois Boulevard. “We wanted this to be a premium gatehouse along Third Street experience for everybody,” he said. as a windblock so the plaza in front of Chase Center could be more of a “comfortable SFBT PHOTO 2011 / SPENCER BROWN place,” said David Manica, CORRINE WOODS president of the architecture ED LEE LATE CHAIRWOMAN, MISSION BAY firm. The team also worked LATE SAN FRANCISCO MAYOR on design elements with CITIZEN ADVISORY COMMITTEE neighborhood, city and Chase Center is Lee’s legacy. He courted the team as far Winning over the no-nonsense Woods and her detail-oriented Mission Bay redevelopment back as 2012 to build a waterfront arena at Piers 30-32 and organization was important for moving the arena project forward after officials. “We wanted the helped connect the Warriors and Salesforce, which owned politically connected groups stopped the Warriors from building along site to be welcoming and the Mission Bay site, after public opposition defeated the The Embarcadero. In one of those meetings, the Mission Bay Alliance comfortable, that invited Embarcadero plans. He was on the Warriors’ side as the laid out a case for blocking the arena, vowing to fight until “the cows people into the corners,” team fought the Mission Bay Alliance — led by several come home,” and in another meeting, the arena design was trashed for Manica said. UCSF benefactors — and negotiated a transportation plan. resembling a toilet bowl. But the meetings weren’t a mere collection of Lee died in December 2017 from a heart attack. “Without NIMBY complaints; Woods demanded answers on everything from the his inspiration and guidance, we wouldn’t be sitting here arena’s impact on wind to dust kicked up by construction. A resident of today,” Warriors President and COO Rick Welts said. a houseboat along Mission Creek, she died in April. 20 SAN FRANCISCO BUSINESS TIMES CHASE CENTER

FOOD & RETAIL SERVING IT UP AT 200 EVENTS PER YEAR BY KATIE BURKE | [email protected]

ears before Chase Cen- within minutes of when it will be ter would begin to fire up served, rather than hours before as its grills, Warriors Pres- is common at arenas with just one ident Rick Welts knew kitchen. While there will be plen- Y exactly what he wanted ty of traditional fan favorites, don’t to serve with the Mission Bay are- expect the typical stadium hot dog. na: an experience that extended far “That hot dog will be grilled beyond the basketball court. on-site and topped with quality The game plan for the 100,000 ingredients and handed off within square feet of food and retail space minutes,” Jeffers said. “It won’t be relies heavily on the Warriors’ ability cooked hours beforehand and then to control every detail before, after transported to the opposite end of and during an event: Design the the arena.” concourses wider so they’re easier The culinary program will be to navigate. Include eight full-ser- tiered according to seating exclu- vice kitchens to ensure food is pre- sivity, so holders of pricier tickets pared quickly and delivered prompt- will have access to specialty menus ly. Sign leases with retailers that will and personal buffets. Concourse lev- boost traffic in the off hours. Attract el suites will be outfitted with large Bay Area tenants to provide only-at- dining rooms, entertainment space Chase-Center offerings. TODD JOHNSON and an island bar stocked with var- “This was all thought about and ious beverages. designed from the ground up,” said ‘Whether there is typical sporting venue. Take b8ta, With fewer seats and larger suites, Mark Jeffers, the newly appoint- for example, an interactive electron- the arena’s elevated food and retail ed Chase Center culinary director. a game going on ics retailer where shoppers can test program fit within the Warriors’ Welts “saw this as an opportunity to out everything from a smart ther- emphasis on providing a higher-lev- create a neighborhood. This is about or not, this was mostat to a collagen sleep mask. el experience at a higher price. a lot more than just an arena.” The retail “will single-handedly Just as important, Jeffers said, is The culinary lineup includes Bay built to stand on its enhance the entire neighborhood,” the Chase Center’s ability to meet the Area mainstays such as Tacolicious, said the Cushman & Wakefield leas- Bay Area’s high culinary standards. Sam’s Chowder House, Tony G’s Piz- own.’ ing team, which includes brokers “You can’t fool anyone with sub- za and a few outlets spun out from Kazuko Morgan, Rhonda Diaz-Gal- par ingredients or poorly prepared San Francisco nonprofit La Cocina. MARK JEFFERS laway and Kelly Vinson. food,” he said. “As this neighborhood Acclaimed chef Michael Mina signed CHASE CENTER, Jeffers, a former food and bever- continues to develop and expand and on to spearhead a food hall with inter- CULINARY DIRECTOR age director at the Ritz-Carlton at attract more options, (Chase Center) active sports games, three full-service Lake Tahoe, will orchestrate a staff will be a destination that can help bars and curated food stalls. of more than 200 chefs and culinary drive that forward. Whether there is Even the retailers to open in the staff members to serve 36 conces- a game going on or not, this was built coming months aren’t found in a sion stands. Food will be prepared to stand on its own.”

Chef Michael Mina’s high-energy food hall: Gott’s STARTING The acclaimed San Francisco chef will spearhead Roadside: an entertainment and food hall destination that The St. Helena LINEUP includes a mix of interactive sports games, three fancy-casual full-service bars and a handful of stalls. burger chain will dish out its kimchi burgers La Cocina’s Old Skool Cafe: The nonprofit kitchen and organic incubator and youth-operated supper club will milkshakes at be folded into the Chase Center’s Taste Makers the new Mission program, which will generate local business Bay location. opportunities and economic growth. Both will have their own outlets within the arena.

Whether packed with screaming Mission Bay Wine Bar: Complete Sam’s Chowder House of Half Moon Bay: The fans or offering a quiet respite with an expansive outdoor patio South Bay institution is heading north to open on a workday afternoon, the and selection of high-end wines, the its second brick-and-mortar restaurant at the incoming food and retail lineup at operators behind the Ferry Plaza Wine arena. Chase Center was curated to keep Merchant and Napa’s Oxbow Cheese the action going regardless of & Wine are a piece of Chase Center’s what was happening on the court. elevated beverage program. Tacolicious: The San Francisco-based micro From top-name chefs to local chain is expanding beyond its five-location Bay Area stalwarts, the arena’s footprint for a new outpost at the Warriors’ future tenants were brought on to Nachoria: Burlingame’s fast-casual arena. both upgrade the fan experience Mexican joint will make sure its asada and anchor the surrounding fries and monster nachos are a far cry Mission Bay neighborhood’s from the average stadium’s “cheese.” development. Tony G’s Pizzeria: Chef Tony Gemignani b8ta: The interactive Here is a preview of who will be created a concept specific to the Chase electronics retailer was serving up the new Chase Center Sugar & Spun: The incoming stand’s Center. It will operate six separate outlets that brought on in a bid to experience: natural and organic cotton candy will are estimated to require about 1,200 pounds attract foot traffic outside be one of many eatery stalls providing of from-scratch pizza dough for a single game of game and event hours. curated snacks to arena-goers. day. AUGUST 16, 2019 21 CHASE CENTER

SHOE BUSINESS TAKING A SHINE TO THE NEW ARENA BY RON LEUTY | [email protected]

or close to 40 and CEO of the Bay Area years and easily ‘I’m the best Council, invited Mitchell more than 50,000 to the business advocacy shoeshines in shoeshiner in group’s November annu- F San Francisco’s al dinner, where Warriors Financial District, Olaju- San Francisco co-owners Lacob and Peter won Mitchell has courted Guber were inducted into business from sports stars and you need the Business Hall of Fame. and leading businesspeo- “He’s just about as big a ple. Now he’s about to star me in your sports fan as you can get,” on a new home court. Wunderman said. “He’s the The Golden State War- new arena.’ real deal.” riors are offering Mitchell At the event, Mitchell a shoeshine stand within OLAJUWON re-introduced himself to Chase Center. MITCHELL Lacob: “Remember me? I’m Mitchell is known for OLAJUWON SHINE the best shoeshiner in San his good shines, hustle and RON LEUTY Francisco and you need me friendly banter with cus- in your new arena,” he said. tomers and passersby, main- boardroom stars. one decades ago thought 2 and 225 pounds, whose Lacob froze, Mitchell ly at his stand inside 275 Bat- There is no signed lease he looked like basketball keen athletic reflexes sever- said, then turned. “I think tery St. and, for the past few yet with the Warriors. But star and al years ago led him to slam that’s fantastic,” he said. months, at the corner of Cal- an email from the organi- the nickname stuck — the a purse-snatcher. “That’s a great idea.” ifornia and Sansome streets. zation to Mitchell mentions 57-year-old Mitchell often It was Mitchell’s hustle — Eventually, Warriors CFO He’s shined the shoes space for a stand near the wears 49ers apparel, though as well as his well-connect- Jennifer Cabalquinto and of Warriors co-owner and corner of Third Street and as a native of New Iberia, ed clientele — that landed Sandra Oberle, the team’s CEO Joe Lacob, San Francis- Warriors Way. Louisiana, he’s a New Orle- him on the Warriors’ retail new director of retail oper- co 49ers CEO Jed York, San A resident of San Fran- ans Saints fan first. lineup. ations outside of Chase Cen- Francisco Giants CEO Larry cisco whose given name Mitchell is a former semi- Regular customer Jim ter, connected with Mitchell. Baer and countless field and is Christopher — some- pro football player at 6-foot- Wunderman, the president 22 SAN FRANCISCO BUSINESS TIMES CHASE CENTER

CHASE, MAPPED WHERE IT’S ALL AT

A COURTSIDE LOUNGES D CHASE CLUB The 32 “courtside lounges” — 16 on each side of the The Chase Club, which can be seen arena, branded with names such as Google Cloud from the J.P. Morgan Club above it, is and Accenture — aren’t actually next to the court; designed for ticket holders in the first they’re floor-level bunker suites under the stands five rows of seats. with no view of game action. They do have a direct path to the first 10 rows. The lounges cost $1.3 million to $2.25 million a year, and must be booked for 10-15 years. The eight most expensive lounges including 16 tickets to all Warriors games, concerts and other events as well as food, beverage, parking E JPMORGAN CLUB and access to a common wine cellar. The JPMorgan Club is designed for people sitting courtside in the first two $1.3 million rows on the floor. - $2.25 million Yearly (minimum 10 years) THEATER A 2,000- to 5,000-seat theater — an B CLUB SUITES “envelope inside the arena,” as Warriors 44 “club suites” ringing the arena cost about President and COO Rick Welts calls it — $1 million a year include 16 tickets to all arena can be carved out of the arena space, events and other amenities over eight to 12 years. with temporary walls, stage, lighting and sound. That will open in 2020. $1,000,000 2 Yearly (minimum eight years) PRACTICE FACILITY C THEATER BOXES Chase Center will include two below- SKY BAR grade NBA practice courts, a large gym The 60 “theater boxes” cost $350,000-$525,000 a and a player lounge areas. The Warriors year over seven to 11 years. are buying the previous practice facility and offices atop Oakland’s downtown $350,000 Convention Center Garage and will convert the 56,000 square feet into - $525,000 offices for nonprofits and the Warriors Yearly (minimum seven years) youth basketball program.

SINGLE 1 2 3 4 5 GAME SEATS $300- $200- $175- $75- $75- $600 $275 $225 $150 $100 Lower bowl Lower bowl Lower bowl Upper bowl Upper bowl sideline corners baseline sideline corners and baseline

COMING SOON SEPTEMBER 2019 OCTOBER 2019

Oct. 5 First Warriors preseason game Sept. 6 Metallica with San Francisco Symphony Oct. 8 Jonas Brothers BOOKING Sept. 10 Dave Matthews Band Oct. 9 The Who Sept. 11 Eric Clapton Oct. 13 Logic Sept. 12 Bon Iver Oct. 17 Phil Collins CALENDAR Sept. 13 Elton John Oct. 19 Mark Anthony Sept. 14 Chance the Rapper Metallica Oct. 24 First Warriors regular-season game vs. L.A. Clippers Sept. 15 Elton John WIKIMEDIA / CREEPIN DETH Chase Center has booked 30 events in Oct. 26 Sara Bareillis addition to Golden State Warriors preseason Sept. 16 John Mayer and regular-season games so far for the Sept. 19 Mumford & Sons arena’s first four months. Here’s a quick look at Sept. 21 Janet Jackson some of them: Sept. 23 WWE Monday Night Elton Steph Sept. 24 WWE Smackdown Live John Curry Sept. 28 Eric Church WIKIMEDIA / ERNST VIKNE WIKIMEDIA / KEITH ALLISON AUGUST 16, 2019 23 CHASE CENTER

4 C 5 2 B 1 3 2 A E D B D E 4 3 C 1 A 2

TODD JOHNSON

NOVEMBER 2019 DECEMBER 2019 APRIL 2020 Chase Center rendering Dec. 5 Andrea Bocelli with San Francisco Symphony and Chorus Dec. 7 Trevor Noah The Dec. 14 Illenium Black Dec. 17-18 Ariana Grande Keys Dec. 21 Classic, WIKIMEDIA / MUSIC54 Arizona, Boston College, University of California, Nov. 12 Santana Berkeley, University of Nov. 20 The Black Keys Nevada, University of Celine Dion Nov. 21 Cher San Diego, Stanford University, St. John’s WIKIMEDIA / EGGHEAD06 Nov. 24 Bad Bunny University and St. Mary’s Nov. 29 The Chainsmokers College April 11 Celine Dion WARRIORS