During the partial government shutdown, screeners at two Silicon Valley airports, San Francisco and San Jose International, moved thousands of people through security checkpoints.

Operations at the airports, 35 miles apart, looked similar — uniformed officers reminding people to take off their shoes and put their laptops in plastic bins — but there was one major difference: Only the officers at the San Francisco airport were getting paid.

That’s because San Francisco International is one of nearly two dozen airports across the country that use private contractors instead of the Transportation Security Administration to conduct its security screening.

As the shutdown stretched from days into weeks, growing numbers of TSA workers stopped showing up. At one point, 10 percent of TSA officers failed to report for duty.

The result: scattered staffing shortages across the country and anxiety for travelers. Airports in Baltimore, Houston and Miami were forced to temporarily close checkpoints. TSA officials conceded that many officers weren’t coming into work because of the financial hardship of working without pay.

TSA: financial stress of shutdown is forcing officers to stay home

“Operations were normal,” said Doug Yakel, an airport spokesman.

There has long been a debate over whether airport screening should be provided by the federal government or by private companies. And the recent government shutdown — and the potential for a repeat if lawmakers can’t reach a deal with President Trump by Friday — has some wondering whether anxiety over staffing may prompt more airports to consider switching to private contractors.

Before the Sept. 11, 2001, terrorist attacks, airport security was handled by private contractors and paid for by the airlines. But after 9/11, those duties were turned over to the newly created TSA, which is responsible for security screening at the vast majority of the nation’s 440-plus airports.

But as part of that agreement, Congress also created a voluntary pilot program that allowed five airports to use private contractors for security screening. The program, launched in 2002, eventually was open to all airports. Today, 22 airports — including the original five: San Francisco, Kansas City International in Missouri, Greater Rochester Inter­national in New York, Jackson Hole in Wyoming and Tupelo Regional in Mississippi — participate.

Proponents of the system say that the TSA hasn’t made it easy for airports to make the switch. The agency has final say on whether an airport can opt to have private screeners, and although requests are rarely turned down, the process could be time-consuming. Others blame inertia, saying some airports are reluctant to tinker with an arrangement that works.

“I don’t know why, but it’s just ingrained in our mind that this is the only way it’s done,” said David Inserra, a policy analyst for homeland security at the Heritage Foundation, who has long advocated for the shift to the use of private companies for screening.

Among the considerations once an airport has applied for the program: The cost of private screeners cannot be greater than what it would be if the TSA remained at the airport. If approved, the TSA — not the airport — selects, pays and manages the contractor.

Private contractors are required to follow the same rules and procedures as their TSA counterparts but are given some leeway to determine how they staff checkpoints. The workers wear different uniforms, but their training, salary and benefits are about the same. The starting salary for a TSA officer is $37,455 but can be higher in some parts of the country depending on staffing needs and the cost of living.

Although the private screeners are contractors, they were paid during the shutdown when other government contractors were not because they were considered essential personnel, and failure to pay them would have violated their contract.

Evaluations of the two programs by outside firms hired by the TSA have found no significant differences between the two systems — either in cost or the ability to move passengers through checkpoints, TSA officials said.

However, studies by the Government Accountability Office note that in some instances private contractors’ costs were 2 percent to 19 percent lower than the TSA’s estimates of its costs for the same work. The GAO also said that the TSA’s calculations failed to include costs such as retirement benefits.

A TSA spokeswoman said the agency has adjusted its estimates based on the GAO’s recommendations.

The shutdown is stressing the nation’s aviation system

The outside evaluations did not examine customer complaints, nor did they analyze absenteeism, retention or attrition of the screeners who work for private companies.

Inserra, of the Heritage Foundation, contends that private companies are better suited to the job of managing airport security. He said they are more adept at managing and retaining employees and can react more quickly to surges in passenger traffic.

“TSA’s focus should be on policy — setting the standards, developing new technology,” added Steve Amitay, executive director of the National Association of Security Companies. “So much of TSA is devoted to managing this screener workforce. It’s doing a job that’s not inherently governmental.”

A 2004 report by the Congressional Research Service, however, found that when private companies ran security services in the years before the 9/11 attacks, their workforce suffered from low morale and high turnover — some of the same problems that plague today’s TSA. Amitay, however, maintained that new standards for training and pay have improved working conditions and morale for contractors.

At TSA Academy, the lessons are hands-on

But Greg Regan, secretary-treasurer of the Transportation Trades Department, AFL-CIO, a coalition of 32 unions, argued that security screening is best left to the federal government.

“The mission of TSA is to keep people safe,” he said. “The goal is to identify threats and prevent them from having a negative impact on our system. That is the ultimate mission statement. When you privatize, you’re going to introduce another goal into that, and that’s profit.”

Other union officials argue that the answer isn’t privatization, but a functional federal government that can pay its workers and its bills on time.

“I think throwing up our hands and turning to private security operators is not the solution here,” said J. David Cox Sr., national president of the American Federation of Government Employees. “The federal government needs to do its job to provide the screening services.”

Union says TSA officers can’t afford to man checkpoint without paychecks

Added Mary Schiavo, former inspector general of the U.S. Transportation Department and an aviation expert: “We must never say our TSA employees are not important enough to be federal employees.”

She noted that the 9/11 attacks happened at a time when checkpoints were run by private companies.

Some of the country’s largest airports have toyed with the idea of shifting to private contractors. In 2016, after an understaffed TSA struggled to keep up with a record number of travelers, airport officials in Chicago, New York and Atlanta threatened to use private contractors.

TSA officials blamed the backups on years of cuts that forced the agency to slash its airport workforce of 45,000 by 12 percent. The furor died down after TSA officials pledged changes and persuaded Congress to beef up its staffing. The TSA has 51,000 screeners, and about 33,000 work on any given day.

Atlantic City International Airport recently shifted to private screeners after growing frustration with TSA staffing that didn’t take into account flight delays.

Stephen F. Dougherty, executive director of the South Jersey Transportation Authority, said the TSA would regularly close the airport’s checkpoint at certain hours regardless of whether flights were delayed. As a result, hundreds of passengers missed their flights because there was no one to clear them through security.

“[Atlantic City International] prides itself on being a much more convenient, passenger- friendly airport than the larger airports in the region, and this change went against core operating principles,” he said.

TSA scrambles to staff checkpoints after complaints of long waits

Some Republican lawmakers have pushed legislation to make it easier for airports to shift to private screeners. A bill introduced by last year by Sen. Mike Lee (R-Utah) sought to, among other changes, shorten the amount of time it takes for airports to get TSA approval to make the switch. Lee is updating his bill and plans to reintroduce it this year, his spokesman said. However, a provision in legislation to fund the Federal Aviation Administration, approved last year, requires the TSA to make a decision on any application within 60 days. The agency previously had 120 days to make a decision.

Christopher Bidwell, vice president of security at Airports Council International-North America, a group that advocates for the nation’s airports, said it supports programs that give airports the flexibility they need to best serve travelers.

“Our position on [SPP], is that it should remain a viable program for any airport that wishes to participate.”

Shutdown is stressing the nation’s air safety system

Air traffic controllers get their first shutdown pay stub: $0.00

TSA mulls plan to eliminate security checkpoints at 150 small airports

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Happy Monday, Term Sheeters. Finance reporter Luisa Beltran here.

Private equity’s interest in sports teams has increased rapidly in the past four years.

Since 2019, there have been at least 20 private equity investments in major league sports teams, according to Kyle Walters, associate analyst, private equity at PitchBook. This compares to just six PE sports deals from 2016 to 2019. 

Sixty-two major North American sports teams, valued at $179.7 billion, have “connections” to PE, according to a new Private Equity in Sports Dashboard from PitchBook. (Connections refers to the PE firms investing in the teams or the individual execs.) The PitchBook dashboard, which went live Sept. 7, tracks private equity investments in the four North American men’s pro leagues that allow PE ownership: Major League Baseball, the National Basketball Association, National Hockey League, and Major League Soccer. 

Booming valuations of sports teams is one of the main reasons for the PE interest. For example, the Dallas Cowboys saw its valuation rise 20% to $9.2 billion in 2023, according to Sportico. 

Sports teams are very unique assets, Walters said. “Other sectors like tech and healthcare can be cyclical. Sports is less prone to a recession,” he said.

Ownership rules of sports teams began softening four years ago. In 2019, MLB became the first of the professional sports leagues to allow private equity funds to buy passive stakes in teams. The NBA, the NHL, and MLS followed, each allowing PE to invest in their teams but only for minority stakes. Only the National Football League, or NFL, still bars private equity and sovereign wealth funds from ownership, Fortune has reported.

The league that has generated the most interest from private equity? That title belongs to the NBA. There are 30 teams in the NBA. Twenty of the NBA teams, valued at an estimated $46.8 billion, have a private equity connection. This includes the Boston Celtics, the Detroit Pistons, and Los Angeles Lakers. NBA teams that don’t have any connection to PE include the Chicago Bulls, the Houston Rockets, and the New York Knicks, PitchBook said.

When it comes to MLB, 18 of 30 teams have connections to private equity. This includes the Chicago Cubs, the Los Angeles Dodgers, and the New York Yankees. The NHL has 10 teams with private equity connections, while MLS has 14 teams.

PE firms with funds dedicated to sports teams include Dyal Partners, which is part of Blue Owl Capital; Arctos Partners; and Ares Management, Walters said. In July, I set about to determine how many executives in the alternative space, which includes private equity and hedge funds, had invested in sports teams. I discovered that about 120 execs are investors in sports teams and many own multiple assets. Consider David Blitzer, a Blackstone Group executive, who has invested in the Philadelphia 76ers, the Cleveland Guardians and the Washington Commanders. Blitzer is global head of Blackstone’s tactical opportunities group. You can read the full story here.

See you tomorrow,

Luisa Beltran
Twitter: @LuisaRBeltran
Email: luisa.beltran@fortune.com
Submit a deal for the Term Sheet newsletter here.

Joe Abrams curated the deals section of today’s newsletter.

VENTURE DEALS

– Mariana Oncology, a Watertown, Mass.-based biotech startup building radiation treatment machines and softwarefor cancer, raised $175 million in Series B funding. Deep Track Capital and Forbion led the round and were joined by Nextech Invest, Surveyor Capital, Eli Lilly and Company, and others.

– Open Cosmos, a Harwell, U.K.-based startup that designs and makes satellites to gather data from space, raised $50 million in Series B funding from ETF Partners, Trill Impact, and A&G. 

– Spiritus, a White Rock, N.M.-based climate company creating carbon removal technology, raised $11 million in funding. Khosla Ventures led the round and was joined by Page One Ventures and others.

– Mindtrip, a San Francisco-based company employing A.I. to aid in travel planning, raised $7 million in seed funding from Costanoa Ventures.

– Inari, a Barcelona-based tech infrastructure company for insurance and reinsurance firms, raised $5.2 million in seed funding. Caixa Capital Risc led the round and was joined by CDTI and others. 

– SaaSGrid, a San Francisco and New York City-based data and analysis platform for SaaS metrics, raised $3.3 million in seed funding. Craft Ventures led the round and was joined by angel investors.

PRIVATE EQUITY

– Alchemy Copyrights agreed to acquire Round Hill Music Royalty Fund, a Nashville, Tenn.-based private equity firm that invests in music copyright assets, for around $468.8 million, per Reuters.

– Cordental Group, backed by New MainStream Capital, acquired Signature Dental Experience, a Bloomington, Ill.-based dental services provider. Financial terms were not disclosed. 

– Dunes Point Capital acquired Warshaw Supply, a New York City-based data communication and electrical products provider. Financial terms were not disclosed.

– Havencrest Capital Management acquired a majority stake in Tekton Research, an Austin, Tex.-based research center that conducts vaccine and infectious disease clinical trials, among other therapeutics. Financial terms were not disclosed. 

– Heartisan, a portfolio company of Ronin Equity Partners, will acquire North Country Packaging, an Almena, Wisc.-based cheese producer, with $10 million in revolving credit. 

– Legacy Food Group, backed by Quad-C Management, acquired Keck’s Food Service, a Millerton, Penn.-based food products distributor, M&V Provisions, a Ridgewood, N.Y.-based food products manufacturer and distributor, Thomsen Foodservice, a Rumford, R.I.-based food product distributor, and Legacy Foodservice Alliance, a Glen Allen, V.A.-based supply chain company connecting foodservice distributors with suppliers. Financial terms were not disclosed.

– Seacoast Service Partners, backed by White Wolf Capital Group, acquired United Plumbing of Southeast Florida, a Ft. Myers, Fla.-based plumbing service provider.

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By Erik Sherman

July 07, 2023 at 07:48 AM

Investors snap up not just the newest high tech, but the foundational old-school variety, which could influence HVAC proptech.

A lot of attention in proptech has been on companies that monitor and control HVAC systems. The reason is that owners spend a lot of money on cooling, heating, and ventilation, which is ripe for new ways to lower costs while reducing carbon footprints, for an ESG advantage.

But all this depends on the actual HVAC systems in buildings, that specialty software and hardware look to control. As the site PE Hub noted, a growing number of private equity companies have developed a taste for the industry. “The fast-growing HVAC business is increasingly regarded as a non-discretionary expenditure, the sector is highly fragmented, and its business model generates recurring revenues,” PE firms told the publication.

Those who install, repair, and modify HVAC systems are likely to be seen as good sources to suggest which of the more advanced systems are worth looking at. Ultimately, they could become major influences on the directions building owners take, affecting an important part of the proptech industry.

Here are some of the deals that have happened so far this year:

Graycliff Partners invested in Republic Electric Company, a “distributor of HVAC and electrical equipment and related components for use in residential, commercial, and industrial applications” that was founded in 1916, according to the firm. “The company supplies over 40,000 different products including residential and commercial HVAC systems, switch gear, controls, and lighting solutions, as well as related parts and tools. The company also provides logistical support, training, technical assistance, and other value-add services with a focus on customer service, delivery speed, reliability, and product availability.”

Alternative investment firm Investcorp took a majority investment in Shearer Supply, “one of the nation’s largest independent distributors of HVAC equipment, parts and supplies serving over 5,500 customers from 22 branches across Texas, Oklahoma, Arkansas, Tennessee and Louisiana.”

Lower middle-market private equity firm Huron Capital’s portfolio company Exigent Holdco, “a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services,” acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc. “JPG is a union plumbing and mechanical service company based in Jessup, Maryland, providing plumbing, mechanical, HVAC and industrial vacuum services to commercial, industrial, government and municipal customers in the Washington, D.C., Maryland, and Virginia area (“the DMV”). ThermaServe is a union mechanical service company based in Jacksonville, Florida, focused on repair, retrofit and maintenance of chillers and other HVAC systems to customers in Northern Florida and Southern Georgia.”

Another lower middle-market PE firm, Sound Partners, acquired Marathon HVAC Service, “a leading residential HVAC company based in Los Angeles, CA. This marks Sound Partners’ second platform in the HVAC space, following the acquisition of Tradewinds Mechanical, LLC, a leader in commercial HVAC-R in Las Vegas, NV.”

Service Champions Group, a “platform provider of Plumbing, Heating & Air Conditioning services announced today that it has finalized an agreement to acquire Fetch-A-Tech Plumbing Heating Air, a revered Las Vegas Valley mainstay serving a broad base of over 70,000 customers.”

Growth-oriented PE firm Trinity Hunt Partners made a majority investment in Alliance Group, “a leading provider of commercial heating, ventilation, and air conditioning (HVAC) system services.”

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Cirrus Aviation and Jet.AI are now official private aviation providers to the Golden Knights, a National Hockey League franchise owned and operated by Black Knight Sports and Entertainment LLC. Fans of the Golden Knights will now be able to travel in luxury and style, cheering on their team at every away game thanks to this partnership. Greg Woods, President of Cirrus Aviation, expressed his excitement at being part of the VGK Family and providing fans with unparalleled convenience, luxury, and excitement during their travels.

To book a flight and join the travel frenzy of the Vegas Golden Knights’ playoff series against the Dallas Stars, fans can visit http://vgk.flyflightclub.com. This partnership was established following Jet.AI’s recent announcement of its proposed business combination with Oxbridge Acquisition Corp., a publicly-traded special purpose acquisition company. Once the business combination is completed, Jet.AI expects to be listed on NASDAQ. The funds are expected to offer Jet.AI access to the capital markets, enabling the acceleration of its AI software development and expansion of its aircraft fleet.

Jet.AI operates in two segments, Software and Aviation. The Software segment features the B2C CharterGPT app and B2B Jet.AI operator platform. The CharterGPT app uses natural language processing and machine learning to improve private jet booking experiences. On the other hand, Jet.AI operator platforms offer a suite of stand-alone software products that enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA.

Cirrus Aviation Services is the largest private jet management company in Nevada and one of the top 10 private jet charter airlines in the United States. The company has been managing and operating aircraft commercially and privately for over 40 years. The family-owned business is run by CEO Greg Woods and Director of Operations Mark Woods, who mastered the details and demands of the aviation industry and built the foundation for Cirrus Aviation.

The partnership with the Vegas Golden Knights further cements Cirrus Aviation and Jet.AI’s commitment to luxurious air travel for fans and passengers. For fans seeking exclusivity, luxury, and convenience at a competitive price point, Cirrus Aviation and Jet.AI provide top-notch service. The Vegas Golden Knights are celebrating their fifth playoff appearance in six years, establishing them as one of the most successful expansion franchises in North American professional sports history. For the latest news and information about the Golden Knights, fans can follow the team on Facebook, Twitter, Instagram, and TikTok.

In summary, fans of the Vegas Golden Knights can now travel in style and luxury, thanks to the partnership between Cirrus Aviation and Jet.AI with the Vegas Golden Knights. With Cirrus Aviation’s luxurious private jet service and Jet.AI’s sophisticated software solutions, fans of the Golden Knights will have no problem joining their team at away games. The partnership with the Vegas Golden Knights underscores Cirrus Aviation and Jet.AI’s commitment to providing luxurious, convenient, and top-notch travel experiences to their passengers and fans.

Credit: globenewswire.com

ENND

Happy New Month

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SAN FRANCISCO–(BUSINESS WIRE)–UBS Private Wealth Management announced today that The Klinger Quan Group, led by Private Wealth Advisors Jeffrey Klinger and Bradley Quan, has joined the firm in San Francisco, CA. Jeffrey and Bradley focus on providing bespoke wealth management solutions and advice for ultra-high net worth individuals, families and executives.

“We are very excited to welcome Jeffrey, Bradley and their entire team to UBS,” said Todd Locicero, San Francisco Market Executive at UBS Private Wealth Management. “Their industry experience, expertise and dedication to clients make them a great addition to our firm, and we look forward to helping them continue to grow their business and serve clients in this key market.”

“We believe we have the strongest platform for Private Wealth Advisors in the industry,” added John Mathews, Divisional Director and Head of UBS Private Wealth Management. “With our comprehensive suite of capabilities to support ultra-high net worth individuals, advisors like Jeffrey and Bradley are exceptionally well-positioned to deliver the highest level of personalized service and advice to their clients.”

Jeffrey Klinger is a founder of the Klinger Quan Group within UBS Private Wealth Management. Jeffrey works with ultra-high-net-worth families, corporate executives, and entrepreneurs, providing comprehensive advice on their financial lives. He employs a goals-based approach that centers on the unique needs and priorities of each client.

Jeffrey joins UBS from Merrill Private Wealth Management where he worked as a Managing Director and Private Wealth Advisor since 2013. Prior to that, he spent five years as a Director of the Private Bank at Credit Suisse. Previously, Jeffrey served as a Vice President at Lehman Brothers within the Private Wealth Management division. He began his financial services career in 1997 at Burnham Securities in New York, where he was an investment banker. Jeffrey earned his Bachelor’s degree in Finance and Entrepreneurship from the University of Arizona.

Bradley Quan is a founder of the Klinger Quan Group within UBS Private Wealth Management. Bradley focuses on providing clients with customized advice and guidance on wealth management, tax-efficient investment management strategies, trust and estate planning services, and retirement strategies. He has particular knowledge in developing long-term frameworks designed to help preserve capital and generate cash flow, while mitigating risk.

Prior to joining UBS, Bradley was a Senior Vice President at Merrill Private Wealth Management since 2013. Prior to that, he was a Relationship Manager in Private Wealth Management at Credit Suisse, where he spent more than five years. Bradley began his career in 2003 as a Business Analyst for Lehman Brothers. He is a graduate of San Francisco State University, where he earned his Bachelor’s degree in Corporate Finance.

Notes to Editors

About UBS

UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient and have an attractive long-term structural growth or profitability outlook.

UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 29% in Switzerland, 20% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

https://www.ubs.com

© UBS 2023. All rights reserved. The key symbol and UBS are among the registered and unregistered trademarks of UBS.

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SAN FRANCISCO, october 21, 2022 /PRNewswire/ — Uphold, the digital money platform serving more than 10 million customers in more than 150 countries, has been ranked Number 1 in the prestigious The San Francisco Business Times Fast 100 List of fastest-growing businesses in the SF Bay Area for 2022.

Uphold provides retail, enterprise and institutional investors with easy access to cryptocurrencies, digital assets, national currencies, precious metals and US equities*.

We’re delighted to be Ranked No 1 on the Fast Track 100 List,’ said Simon McLoughlin, CEO of Uphold (PRNewsfoto/Uphold)

the san francisco-based firm has enjoyed spectacular growth as its platform has been white-labelled by fintechs, banks and gaming companies seeking to distribute digital assets to their customers – or to use cryptocurrencies for payments. Uphold now serves an extended ecosystem of more than 30 million users.

The Uphold platform has a unique model. Linked to 26 underlying exchanges, it smart-routes orders to trading venues offering the best pricing, and also provides superior liquidity.

In a sector where trust can be scarce, Uphold is the only platform that publishes its assets and liabilities in real-time on a public website giving customers transparency and assurance that their funds are always available to withdraw.

Any asset in an Uphold Wallet can be held in one account and traded seamlessly in one step as well as spent via a debit card. This enables any asset from Bitcoin to gold to be spent at merchants worldwide or to fund cash withdrawals at ATMs.

‘We’re delighted to be Ranked No 1 on the Fast Track 100 List,’ said Simon McLoughlin, CEO of Uphold. ‘The achievement reflects the fact that we now have strong and highly differentiated offerings for retail, enterprise and institutional customers.

‘We expect our growth to accelerate over the next 3-5 years as more companies adopt blockchain technology now that regulators are providing greater clarity.’

The San Francisco Business Times Fast Track 100 List has been published annually for 30 years and covers the latest breaking business news and top stories coming out of the Bay Area every day. Each year, the SFB Times catalogs the fastest-growing companies serving san francisco and releases their “Fast 100,” list, showcasing the most innovative and successful offerings.

Released annually in October, the list details the most rapidly expanding enterprises that are located in the counties of alameda, Against Costa, marine, san franciscoand San Mateo. All eligible businesses must be headquartered in one of these areas, have had a net revenue greater than $200,000 as of 2018, and be a privately held corporation as of 2020.

About Uphold
Uphold is a global digital money platform serving over 10 million customers in more than 150 countries where consumers seek a more versatile and cost-effective home for their financial lives. Leveraging blockchain technology, the platform provides both consumers and businesses with easy access to digital and national currencies, precious metals and fractional US equities. Uphold’s unique trading experience – ‘Anything-to-Anything’ – allows customers to trade directly between asset classes, saving time and money. Uphold customers have easy access to tomorrow’s financial services, today. To learn more, please visit https://uphold.com/en-gb

Photo – https://mma.prnewswire.com/media/1927078/Uphold.jpg

SOURCE Uphold

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“Every time I walk by it, I just now wonder about this mysterious courtyard-slash-private street,” Eng says. “This has been haunting me ever since.”

So she tapped Bay Curious for help. “Why are there private streets at all?” she wrote. “Who owns these streets and why would someone want to own one of these streets?”

Private street 101

There are 288 private streets in the city, according to San Francisco Public Works Director of Policy and Communications Rachel Gordon. Most of them are unglamorous access roads used for commercial purposes. That might mean a little road that leads to a warehouse or a business park, or it could mean a long driveway leading up to an institution like a college or hospital. The property owners maintain these roads, not the city.

What do you wonder about the Bay Area, its culture or people that you want KQED to investigate? Ask Bay Curious.

There are also some residential private streets, usually owned by a group of property owners who live on the street. These are much less common, Gordon says, but she wasn’t able to provide an estimate of how many there are today.

Another category of streets that aren’t maintained by the city are referred to as “unaccepted” streets. There are 148 miles of them in San Francisco, Gordon says. These streets aren’t privately owned, but they don’t meet the city’s standards for a legitimate street.

Glen Park’s unpaved alleyways are a good example. “Those streets are very delightful to walk through,” Gordon says. “A lot of times the adjacent property owners will plant flowers or put up sculptures there.”

To be “accepted” by the city, a street has to be at least 40 feet wide and have a curb and sidewalk, among other things. If a street meets those standards, the city will take responsibility for cleaning it, filling potholes and doing all the other maintenance required. Unaccepted streets aren’t privately owned, but Gordon says they do end up being privately maintained, usually by the fronting property owners, if anybody takes care of them at all.

Usually people can freely use private driveways or access roads owned by businesses or institutions that are open to the public.

According to a San Francisco Police Department spokesperson, emergency services have access to both public and private streets and the department responds the same way regardless of who owns the street.

Unaccepted streets are public, too.

But residential private streets are a different story.

The Presidio Terrace debacle

A street sign on Presidio Terrace on August 9, 2017, in San Francisco. California couple Tina Lam and Michael Cheng purchased the streets and sidewalks of Presidio Terrace, a private cul-de-sac that features several multimillion-dollar mansions, for $90,000 at public auction. (Justin Sullivan/Getty Images)

The city’s most notorious private street saga involves Presidio Terrace. One of the wealthiest areas in the city, Presidio Terrace is both a neighborhood and the oval-shaped street that runs through it. It’s a gated community of multimillion-dollar houses, and its common areas, including its street, are owned and maintained by the neighborhood’s homeowners association.

Presidio Terrace was built on the idea of ​​exclusion. It was created in 1905 and explicitly advertised as a community for “Caucasians.” A racial covenant barring non-white folks from living there was one of the key selling points in an early brochure for the development. The covenant was invalidated in 1948 when the Supreme Court made the enforcement of those kinds of restrictions illegal — but the gate is still there.

In 2015, the city put the street up for sale because the homeowners association hadn’t paid taxes on it for decades. They’d apparently forgotten to provide an updated billing address, so they defaulted on a $14 annual property tax. By 2015, they owed the city about $1,000 in outstanding fees.

At the time, San Jose couple Michael Cheng and Tina Lam were looking for real estate investments.

“This parcel came up in San Francisco. It had a great address,” Cheng recalls. So they bid on it and won it for just over $90,000.

But they had no idea what they’d just bought.

“Because when we were looking at it, it was really confusing,” he says. “It said it was part of a street and part of the HOA, and it was a vacant land parcel.”

Cheng says they had to go to City Hall and dig through title records to figure it out. And when they finally did, they weren’t sure what to do with the street.

“We thought it was pretty cool to have, just for the sake of having something in San Francisco,” Cheng says, “But it was also not a great property that we could build on.”

Cheng and his wife were considering charging for parking spaces — either charging the residents or charging the public for parking access. They figured that would make enough money to cover the taxes and maintenance.

Cheng says they also considered holding events there. “That’s what people with private streets could do: They can hold community activities without blocking off city streets. So we could do like a fair or farmers market,” he says. “I wanted to make it open to the public because it’s a great-looking street, but nobody can see it.”

That’s not how it worked out. When Presidio Terrace homeowners found out their street had been sold, they took legal action against the city and Cheng and Lam and started pressing city leaders.

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SAN FRANCISCO–(BUSINESS WIRE)–UBS Private Wealth Management announced today that Lauren Kinch and Andrew Baumgartner have joined the firm in San Francisco. Together, Lauren and Andrew will partner with UBS advisors, Chris Clifford and Kate Kennedy, to form Labyrinth Wealth Advisors.

Labyrinth Wealth Advisors will advise and serve ultra-high net worth clients in Silicon Valley and the broader Bay Area. The 12-person team includes attorneys, CFAs®, and a CFP®, with expertise in investment management, tax optimization, estate planning, wealth transfer and family legacy.

“Lauren and Andrew are valuable additions to our team as we continue to focus on Bay Area founders, early employees, and executives,” said Todd Locicero, West Coast Market Head at UBS Private Wealth Management. “Wealth creators and our ultra-high net worth clients in the Bay Area require high-caliber, experienced partners like Lauren and Andrew to help them meet their unique needs and financial goals.”

“We are committed to providing our ultra-high net worth clients with the highest level of personalized service and advice,” said John Mathews, Head of UBS Private Wealth Management. “We believe we have the strongest platform for Private Wealth Advisors in the Americas, and with our suite of ultra-high net worth capabilities, teams like Labyrinth Wealth Advisors will be able to deliver the full power of UBS to clients in the Bay Area. ”

Lauren and Andrew bring over 25 years of combined industry experience to UBS. They join the firm from BNY Mellon Wealth Management where they spent the last five years advising clients and helping develop the firm’s wealth management platform offering.

Notes to Editors

About UBS

UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient and have an attractive long-term structural growth or profitability outlook.

UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 30% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

https://www.ubs.com

© UBS 2022. All rights reserved. The key symbol and UBS are among the registered and unregistered trademarks of UBS.

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With a bold new look, ubiquitous city views, and legendary Four Seasons service, Four Seasons Hotel San Francisco At Embarcadero debuts its newly renovated 127 guestrooms and 28 suites, lobby, and fitness center, as well as its dramatic private Terrace Suites and reopening of the 40th floor open-air terrace, The Overlook.

Primely located atop a 48-story landmark building, Four Seasons Embarcadero offers unparalleled, sprawling City and Bay views spanning the Golden Gate Bridge and iconic skyline, as well as walkable access to some of San Francisco’s best neighborhoods like Jackson Square and the Embarcadero waterfront.

“We are so proud and delighted that all our guest rooms and suites at Four Seasons Hotel San Francisco at Embarcadero are now complete and open. This affords our team the opportunity to provide an enhanced, one-of-a-kind hospitality experience for sophisticated travelers looking for an unforgettable San Francisco stay,” says General manager Gigi Vega.

“As we unveil the expansive private Terrace Suites, we welcome guests to indulge in our luxury boutique atmosphere, magnificent views, and spacious accommodations, all presented with Four Seasons’ first-rate, personalized hospitality.”

Phased over the past two and a half years, the completion of the multimillion-dollar renovation included beautifully appointed rooms and suites by luxury design firm, Marzipan, a state-of-the-art fitness center with Precor cardio and strength training equipment, and a refreshed lobby, and corridors. Ideal for business trips and leisurely getaways – and times that mix a bit of both, Four Seasons Embarcadero offers spacious guestrooms and luxurious suites with ample open space and separate sleeping and living areas – perfectly equipped for lounging or remote work. The spa-like bathrooms boast deep soaking tubs, as well as plush amenities including Codage Paris bath and beauty products, for the ultimate city refuge from which to unwind and restore.

Two premium private Terrace Suites – the Golden Gate Terrace Suite and the Embarcadero Terrace Suite – are newly debuted, showing panoramic views of the City and Bay. The suites offer an expansive 2,000 square feet of indoor and outdoor living space, encompassing a living room, dining room, kitchenette, powder room, rain shower, elegant freestanding soaking tub, and – at 800 square feet – some of San Francisco’s largest private terraces .

Marzipan took inspiration for the hotel’s chic interior from San Francisco’s world-class views, as well as the city’s signature character and history, with touches like furniture and lighting inspired by the famed cable cars, and ornate metallic detailing and exquisite wallcoverings woven with threads of gold to pay homage to the City’s Gold Rush past. The new design presents a distinctive aesthetic with welcoming floor plans that allows guests to truly make themselves at home. Outfitted in a clean, contemporary style and a tranquil, cool-toned palette, the guestrooms present sophisticated and eclectic interiors that seamlessly support the urban landscape and are enhanced by bright colors and abstract imagery that capture the spirit of San Francisco. Layered in luxury with natural wood floors, a warm palette of textures complements vibrant splashes of color, hand-tufted wool rugs, and bespoke millwork detailing that frames the windows, creating an intrinsic sense of place.

The completion of the renovations also coincides with the July 1 reopening of one of the property’s defining features – The Overlook, the open-air terrace located on the 40th floor, featuring panoramic views of the Golden Gate Bridge and marina with exclusive access to hotel guests for a host of future events and activations.

Located in San Francisco’s bustling Financial District atop the iconic 345 California Center building, the lifestyle-driven property affords guests a dynamic connection to San Francisco, enhanced by Four Seasons’ signature hospitality and services. Exclusive to hotel guests, Four Seasons Embarcadero looks forward to announcing a series of experiences, in partnership with prominent Bay Area thought leaders and brands within the food and beverage, wellness, art, and fashion industries.

Four Seasons Embarcadero offers first-rate amenities and services, including a state-of-the-art fitness center on the third floor that welcomes guests with ample natural light from wall-to-wall windows which overlook the energetic Sansome Street and Financial District. As well as Sky Bridges across floors 40-48 that connect the two towers of the hotel while providing scenic views through floor-to-ceiling windows. Four Seasons Embarcadero offers all-day dining at The Lounge & Bar with a menu of elevated bar bites and hearty entrees, alongside craft cocktails, draft beers, and an exceptional list of curated wines. Additionally, guests may enjoy an impeccable menu from the comfort of their guest rooms or suites with 24-hour in-room dining. Still to come, Four Seasons Embarcadero will unveil a brand-new signature restaurant featuring the best of California cuisine that showcases locally sourced produce and the finest wines.

Four Seasons Embarcadero serves as an ideal home base for a memorable San Francisco adventure. The hotel is surrounded by renowned Michelin-starred restaurants, top global company headquarters, and just minutes from the Embarcadero waterfront, the historic Ferry Building, the California Street cable car lines, and some of the city’s best neighborhoods and attractions.

Four Seasons Hotel San Francisco at Embarcadero is located at 222 Sansome Street.

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