In the latest updates from the America's Cup, a key real estate deal that would help rehabilitate the city's eastern waterfront has been cut back by the city. Under the new deal Mayor Lee and the A-Cup Event Authority announced yesterday, Piers 30 and 32 will no longer get renovations in preparation for the races which start this summer, but the city also won't hand over quite as much real estate for the yachting event.

Mayor Lee was pleased by the deal, which allows the city to hold on to the development rights for more waterfront property, even if it is slowly crumbling in to the Bay. On the other end of the deal, however, Oracle Chief and A-Cup Boss Larry Ellison apparently dropped Piers 30 and 32 because he didn't feel like dealing with "onerous" regulatory approvals. As part of the downsizing, Ellison & Co. will also give up the rights to Seawall Lot 330 — currently a parking lot at the Embarcadero and Bryant Street — that would have become staff housing and condominiums down the road.

Piers 27 and 29, on the other hand, will still become the shining America's Cup Village and Yacht parking center we looked at last summer. All team operations, meanwhile, will be shipped off down to Pier 80 in the Dogpatch where sailing superfans will need to take a little bit of a hike down Third Street to check out the pre-race staging. The racing catamarans will also have a ways to travel between the Southeast end of town and the race course, which will be centered around the Northern waterfront off the Marina Green and Fisherman's Wharf.

Previously: All America's Cup Coverage on SFist