Quote:
Originally Posted by Pedestrian
The 535 Mission site really was a hole in the ground filled with gravel. Oceanside is much farther along. A better comparison might be 706 Mission where a lot of underground work was done in anticipation of the ultimate completion of the Legoretta design of the Mexican Museum. When 4-Seasons came along with their tower proposal many years later--a totally different type of building--much of this work turned out to be worthless but I don't think that'll happen with Oceanwide. In SF it seems like about half the time to put up a tower is spent on foundation work and below ground work. That would mean these buildings are half-way done. Somebody will pick up the ball but the great unknown is what kind of recovery from the COVID economic catastrophe we'll have: A quick bounce-back or a slow grinding recession. And will the work-from-home boomlet fade as people realize the folks actually coming into the office for face time with the boss are the ones getting promoted (and paid more)? If so, and the value of downtown office space bounces back, Oceanside might not be on hold as long as some think.
|
We down in LA are *quite* eager for Oceanwide SF to get sold as the consensus seems to be that they will use the proceeds from the SF sale to complete the LA property.
Meanwhile it is just hanging out, cranes and all. Same as it ever was...
What a mess.