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SAN FRANCISCO | 1554 Market St. | Approx 130 FT | 12 FL
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I contacted Z&L Properties and got this reply: "plans to begin active construction very soon with a start date in early 2019." So glad to see this one still alive!
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right on, Jerry! thanks for that
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Thanks for that although I'm admittedly a little skeptical...shades of One Oak here with the start date being pushed back time and time again. I see this from my window and there has been no progress whatsoever in close to a year, at least once excavation was finished. Really hope it gets built!
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There is a front page article in the San Francisco Chronicle today, 02/10/2019 concerning the development by Chinese companies. Some quotes here. "...planning & building requirements are far more restrictive than in their home country boom-towns. The problem is made worse by government restrictions on investment money leaving China.""...Z&L owned site at 1554 Market St. excavated a foundation in September 2017, only to abruptly halted construction because, the company now says, costs came in $10 million over earlier estimates. The project unfortunately became economically unfeasible, and no lender would fund it" said Buckner, who added that the group is in talks with a new contractor that "has come in with a more reasonable construction budget." "While the building permit for that project was obtained in September 2017, it doesn't work economically now & there is no timetable to start construction, Buckner said.
The article also talks about the development at 555 Fulton Street which has been in construction for almost 5 years, angering neighbors with illegal construction as early as 5:15 am when the legal start time is 7 am., and the lack of parking spaces due to the construction. It appears that we may have a big hole in the ground at 1554 Market St. for many years to come. JWS, you were smart to be skeptical about this development! |
Yeah I've been extremely skeptical about this one for awhile. Not happy to hear but glad there's finally some news about it. There has been absolutely zero work on it for a very long time now. The project on the same block on Franklin has similarly been sloooooooooooooooow beyond what you would expect, but every now and then I see minor movement on that one.
Such a bummer about SF timelines. The slow process of approving and entitling and permitting puts so many projects at risk as costs rise. It's insane that projects that were first proposed in 2012/2013 or whatever are stalled in 2018/2019. That's far too long. Of course this one in particular could also be blamed on the developer but SF is certainly not helping. |
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Every time I pass by the hole in the ground I wonder if somethiing will ever happen there! Look forward to having a new building in my neighborhood.
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https://live.staticflickr.com/65535/...7a55c588_b.jpg |
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5 or 6 workers and some equipment on site and busy today:
https://uniim1.shutterfly.com/ng/ser...136320/enhance |
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Friday, August 9, 2019
Glad to see this long delated project active again! I was surprised to see rebar in place!
https://live.staticflickr.com/65535/...a4de87f8_c.jpg1554 Market Street |
Progress is moving fast on this one
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:previous: that is great to see
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Today I got a better photo of the construction site by a quick trespass! I see the first segment of the crane on the left.
https://live.staticflickr.com/65535/...32ce246f_b.jpg1554 Market St._20190823 |
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from the Market St side...
https://live.staticflickr.com/65535/...73ff3876_b.jpg and from the NW https://live.staticflickr.com/65535/...6c216e5a_b.jpg |
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