Deep Pockets - But Not Deep Enough.
Before Crocker Bank agreed to lend Warren Simmons $27 million to finance the total estimated construction cost of Pier 39, bank executives attempted to convince Simmons to take in a partner who could cover any cost overruns. They might have had better luck asking him to build Pier 39 with his bare hands.
Yet Crocker insisted Simmons have an equity partner with“Deep Pockets." Simmons asked Crocker "How Deep” the pockets had to be and was told $4 to $5 million in readily available cash to cover the inevitable overruns.
Not wishing to share his dream with partners, Simmons raised $4.5 million by selling his highly successful Tia Maria Mexican Restaurant chain. He then convinced Crocker that he had a great deal of experience building the 11 Tia Marias and that he didn't expect any overruns, but if for some unknown reason there was an overrun or two, his pockets were indeed deep enough.
Crocker should have checked for holes in the lining. With construction costs going up daily, coupled with the complicated design of Pier 39, it wasn't long before the overruns came sprinting in. The $4.5 million
The bank had finally found the "Deep Pockets" - their own.
Topics. This historical marker is listed in this topic list: Industry & Commerce.
Location. 37° 48.622′ N, 122° 24.646′ W. Marker is in San Francisco, California, in San Francisco City and County. It is in Fisherman's Wharf. Marker can be reached from Pier 39 north of The Embarcadero. Touch for map. Marker is in this post office area: San Francisco CA 94133, United States of America. Touch for directions.
Other nearby markers. At least 8 other markers are within walking distance of this marker. Kids for Hire. (here, next to this marker); The $25 Reward That Cost $2,416,825. (within shouting distance of this marker); The Big Pier 37 Fire. (within shouting distance of this marker); San Francisco's Most Popular Postcard. (within shouting distance of this marker); Pier 39 Obsolete for Shipping? (within shouting distance of this marker); A Rare Moment of Cooperation (about 300 feet away, measured in a direct line); Our Legal Hassles. (about 400 feet away); The Eagle Cafe Moves Up to Pier 39. (about 600 feet away). Touch for a list and map of all markers in San Francisco.
More about this marker. The marker is located on the upper level of Pier 39, in the passageway between the restrooms and the Swiss Louis restaurant.
Credits. This page was last revised on February 7, 2023. It was originally submitted on June 28, 2021, by Andrew Ruppenstein of Lamorinda, California. This page has been viewed 117 times since then and 6 times this year. Photos: 1, 2. submitted on June 28, 2021, by Andrew Ruppenstein of Lamorinda, California.