SAN FRANCISCO | Oceanwide Center | 910 & 636 FT | 61 & 54 Floors | ON HOLD - Page 42

chris08876 · #**821** Posted **May 31, 2019, 12:07 AM**

They make mention of Oceanwide Center 1:15 timestamp onward.

Skyy · #**822** Posted **May 31, 2019, 7:52 PM**

I'm about to start work right across from the site. Hope this one gets financing soon. Seems like a no-brainer for Salesforce if they're looking to expand

gillynova · #**823** Posted **May 31, 2019, 8:41 PM**

Quote:

Originally Posted by Skyy

I'm about to start work right across from the site. Hope this one gets financing soon. Seems like a no-brainer for Salesforce if they're looking to expand

Salesforce is already looking at Parcel F that's planned to attach to the Salesforce Transit Center.

Please continue to take pics of this site when you can!

Skyy · #**824** Posted **May 31, 2019, 11:55 PM**

Quote:

Originally Posted by gillynova

Salesforce is already looking at Parcel F that's planned to attach to the Salesforce Transit Center.

Please continue to take pics of this site when you can!

Will do

Pedestrian · #**825** Posted **Jun 1, 2019, 7:23 AM**

Quote:

Originally Posted by gillynova

Salesforce is already looking at Parcel F that's planned to attach to the Salesforce Transit Center.

Please continue to take pics of this site when you can!

They aren't "looking at" Parcel F. The report was that they signed a lease--a done deal. And that's before it even has full entitlements.

If something were to go wrong and those entitlements weren't forthcoming, though, I think it quite likely Salesforce would consider Oceanwide an appropriate alternative.

edwards · #**826** Posted **Jun 2, 2019, 6:40 AM**

Quote:

Originally Posted by Pedestrian

They aren't "looking at" Parcel F. The report was that they signed a lease--a done deal. And that's before it even has full entitlements.

If something were to go wrong and those entitlements weren't forthcoming, though, I think it quite likely Salesforce would consider Oceanwide an appropriate alternative.

They're also looking at Oceanwide based on https://www.sfchronicle.com/business...g-13848310.php

Skyy · #**827** Posted **Jun 9, 2019, 7:37 PM**

Site today

edwards · #**828** Posted **Jun 11, 2019, 7:25 AM**

Saw some rebar in the hole of the Mission St tower today.

colemonkee · #**829** Posted **Jun 11, 2019, 4:55 PM**

^ Are there workers on site?

edwards · #**830** Posted **Jun 12, 2019, 7:23 AM**

^ yep, always

slock · #**831** Posted **Jun 12, 2019, 11:25 PM**

I was by the site today and the rebar for the Mission Street Tower is almost to grade.

Pedestrian · #**832** Posted **Jun 13, 2019, 2:45 AM**

Quote:

Originally Posted by Pedestrian

It's hard to get a good vantage point but it appeared to me they've done a lot since pouring the foundation mat on the shorter Mission St. tower:

It looked like there were a floor or several of concrete down there and I'm guessing this thing could be out of the hole by early summer.

You can see the rebar in these two photos I took 5 or 6 weeks ago. That's actually why I took them and my prediction of it being above grade by "early summer" could be on target.

simms3_redux · #**833** Posted **Jun 14, 2019, 2:06 PM**

Evening of June 13, Mission St side.

gillynova · #**834** Posted **Jun 23, 2019, 11:42 PM**

timbad · #**835** Posted **Jun 24, 2019, 1:30 AM**

nice to see signs of activity!

these are from yesterday. from the Stevenson side

and from the SW corner on Mission, with rebar visible, as noted previously

Pedestrian · #**836** Posted **Jun 27, 2019, 6:53 AM**

Quote:

Exclusive: S.F. megaproject developer's search for cash leaves potential partners confused
By Fiona Kelliher – Real estate reporter, San Francisco Business Times
10 hours ago

A Chinese developer is searching for cash to finish building out its San Francisco megaproject, but a lack of clarity in its approach has led to frustration among potential development partners.

Oceanwide Holdings . . . , now years into construction, has a completion date of 2023. The developer needs an unspecified quantity of new cash to finish the project or it may be delayed further, according to a person close to Oceanwide who was not authorized to speak about the matter. In recent months, Oceanwide's leaders have talked with potential development partners or buyers, including well-known real estate players like Boston Properties, Hines, Northwood Investors and Tishman Speyer, according to four sources familiar with the company’s efforts.

“We remain committed to the completion of the project, but we would rather not comment on any speculation," said Oceanwide spokesperson Amy Jalili.

But the company’s leadership is in a holding pattern when it comes to actually closing a deal: With no luck so far in lining up new construction loans, Oceanwide is considering all means to finish the project, from taking on a development or capital partner to exiting the project altogether, said several real estate sources familiar with those discussions. In the meantime, construction is continuing.

For months, Oceanwide's leadership wanted to avoid selling the site because it’s seen as a trophy for the company among other U.S. projects in New York and Los Angeles. But that option is one of several on the table.

Several development companies and potential investors have backed away, said two people, because they were unsure what the company wants. And Salesforce — which has considered taking the entire block of space — is wary of signing a lease without a clear financial path forward for the project, those sources said.

. . . Boston Properties declined to answer an analyst's questions about any potential involvement in the project . . . .

https://www.bizjournals.com/sanfranc...FOU3QifQ%3D%3D

The article further notes that Oceanwide has restarted construction in LA. I obviously can't verify that.

TK2001 · #**837** Posted **Jun 27, 2019, 5:20 PM**

You're telling me this skyscraper won't be done until the Avengers beat Thanos. I'm looking forward to this, I really hope it happens

Pedestrian · #**838** Posted **Jun 27, 2019, 5:33 PM**

Quote:

Originally Posted by TK2001

You're telling me this skyscraper won't be done until the Avengers beat Thanos. I'm looking forward to this, I really hope it happens

Personally, in spite of the scary issues, I'm optimistic simply because San Francisco is critically short of office space--it's now selling for over $1000/sq ft--and it is an endless/complex process to get approval to build, so a project like this that's not only approved but under construction makes eminent economic sense and if Oceanwide can't get it done, someone will buy it who can and probably finish it with only minimal delay. At least that's my expectation.

homebucket · #**839** Posted **Jun 27, 2019, 5:43 PM**

Quote:

Originally Posted by Pedestrian

Personally, in spite of the scary issues, I'm optimistic simply because San Francisco is critically short of office space--it's now selling for over $1000/sq ft--and it is an endless/complex process to get approval to build, so a project like this that's not only approved but under construction makes eminent economic sense and if Oceanwide can't get it done, someone will buy it who can and probably finish it with only minimal delay. At least that's my expectation.

If someone else buys it and finishes the project, will the design remain the same?

Pedestrian · #**840** Posted **Jun 27, 2019, 5:50 PM**

Quote:

Originally Posted by homebucket

If someone else buys it and finishes the project, will the design remain the same?

It would have to unless they wanted to repeat the entire approval process taking years of delay and LOTS of money.

Remember, at this point surely contractors are contracted, materials are purchased and in some stage of fabrication and delivery. A major design change would add millions upon millions to the cost--I doubt anyone would contemplate it.