Posted Jul 30, 2024, 7:55 PM
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你的媽媽
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Join Date: Jan 2012
Location: The Bay
Posts: 9,605
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Quote:
Major Downtown Development Known as Parcel F Appears In Trouble, Developer Owes $70M Penalty
All signs are pointing to a major Transbay District development known as Parcel F, or 542-550 Howard Street, which was set to become the city's fifth-tallest building, being hopelessly stalled, and perhaps doomed, after the developer just missed another key deadline.
The development partners Hines, Goldman Sachs, and San Francisco-based Urban Pacific Development LLC are on the hook for a $70 million penalty to the Transbay Joint Powers Authority (TJPA), which owns the land on Howard Street — the last of the parcels zoned for a "super-tall" tower in the Transbay redevelopment district. That penalty was agreed upon in a 2016 development agreement between the developer and TJPA, in the developer failed to deliver the project by the end of 2023. As construction stalled, the two parties later agreed to a $40 million penalty to be paid in installments, the first of which was due by April 30, 2024.
As the SF Business Times reports, the development partners, known collectively as F4 Transbay Partners LLC, blew that deadline, and that means that they revert to the original $70 million penalty number unless they can hash out some other agreement.
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https://sfist.com/2024/05/07/major-d...n-as-parcel-f/
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