Good morning, Bay Area. President Trump delivered a speech to lawmakers last night where he mentioned that the American people may experience a "little disturbance" as his economic plans take shape. Meanwhile, financial markets are signaling that the risk of a recession is growing as tariff-related uncertainty and indicators of economic weakness spread fear across the financial sector, the Wall Street Journal reports. In addition, a model from JPMorgan Chase shows that the market-implied probability of an economic downturn climbed to 31% on Tuesday, from 17% at the end of November. Closer to home here in the city, Mayor Daniel Lurie this morning will deliver remarks to celebrate the opening of fitness app maker Strava’s new headquarters at 181 Fremont St. The company's move to Meta's former offices was announced last year. Moving to banking, the U.S. Consumer Financial Protection Bureau told a federal court on Tuesday it was dropping a lawsuit filed in December against three of the nation's largest banks — JPMorgan Chase, Bank of America and Wells Fargo — over their handling of transactions on the payment service Zelle, Reuters reports. And finally, Outside Lands 2025 "Eager Beaver" presale tickets go on sale today, as this year's early August festival looks to add more weddings and food. Unfortunately, though, the music lineup has yet to be released. Moving on, here's what's out of the bag in this morning's business news.
Plans advance for new Embarcadero park
The San Francisco Board of Supervisors on Tuesday gave the go ahead to plans for a new city park just north of the Ferry Building, the Chronicle reports. The project is a public-private partnership between the Recreation and Park Department and real estate developer BXP Embarcadero Plaza, which owns and operates the Embarcadero Center office towers. The park will replace Justin Herman Plaza and adjoin Sue Bierman Park. The project calls for BXPE to invest $2.5 million in the design of the park while Rec and Park and the Office of Economic and Workforce Development secure between $15 million and $20 million in public funds for building it out. BXPE and Downtown S.F. Partnership also aim to secure about $10 million in private funding.
San Francisco National Archives in Trump crosshairs
The Leo J. Ryan Federal Records Center at 1000 Commodore Dr. in San Bruno is one of the "noncore" federal buildings just listed by the Trump administration on Tuesday for possible sale. The primary tenant is the San Francisco National Archives and Records Administration. Currently, the research room is still open by appointment, but staff did not respond to questions about where the archive would be moved if the location were to be shuttered. The site is one of three federally owned Bay Area properties listed for "disposal." Reporter Sarah Klearman has more on the two San Francisco government properties. In all, Trump seeks to put 443 Federal properties up for sale.
Leases for Joann stores, distribution centers head to auction
A New York real estate advisory firm is getting ready to auction 790 retail store and five distribution center leases for the new owners of Joann Inc., the bankrupt fabric and craft retailer based in Ohio, the Cleveland Business Journal reports. Joann Inc. currently has 13 leases throughout the Bay Area. A&G Real Estate Partners is working with GA Group LLC, the Los Angeles-based valuation, appraisal, asset disposition and real estate services firm that, along with the retailer's term lenders, won the bid for Joann Inc.'s assets in a Feb. 24 auction.
