The $25 Reward That Cost $2,416,825
Posted by: 
brwhiz
N 37° 48.635 W 122° 24.660
10S E 551845 N 4184962
This Historical Marker is one of many mounted on building walls along the upper level of Pier 39 on the San Francisco Embarcadero.
Waymark Code: WMJEYG
Location: California, United States
Date Posted: 11/09/2013
Views: 7
The $25 Reward That Cost $2,416,825.
When Pier 39 opened exactly on October 4, 1978, just as developer Warren Simmons had planned months before construction had even begun, it was the result of determination, pride and tremendous effort by almost everyone concerned.
For those few who weren't adequately motivated by determination and pride, Simmons pulled out the ace in his sleeve--money.
The Jackpot.
For the restaurant tenants who carried a lot of the construction burden, the monetary incentive was quite a motivator. The tenants were given a basic structural shell, courtesy of the developer and a $25 per square foot bonus to each tenant who opened on time on October 4, 1978 at 11:30 AM.
For a 7,500 square foot restaurant that works out to be $175,000 worth of motivation. In total, since all tenants were rewarded their full bonuses, the $25 reward cost the developer $2,415,825. Give or take a few dollars!
Feinstein Grateful??
But still, the reward was worth every penny it cost us. Because it sure helped us open the Pier on time.
And because without it, we'd never have gotten to see Diane Feinstein in her "bikini." (See Pier Store #20)