Posted May 23, 2021, 12:35 AM
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Registered User
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Join Date: Apr 2020
Location: San Francisco
Posts: 42
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The SF Business Times did an overview on what it takes to shut down and possible re-start a major construction site. They used Oceanwide as an example.
Quote:
The $1.6 billion, 2 million-square-foot Oceanwide Center project in downtown San Francisco should be buzzing with construction workers, cranes and concrete mixers. Instead, it’s eerily quiet.
Chinese developer Oceanwide Holdings halted work on the smaller of the two planned towers at the site in 2019, and by late last summer work on the other tower was put on hold indefinitely. By the end of the year, the general contractor — a joint venture of Swinerton and Webcor — had withdrawn.
Work has not resumed on the site, and Oceanwide is facing a growing number of lawsuits from its former general contractor and a number of subcontractors alleging they are owed payment for work done on the project.
The project, initially slated for completion this year when ground was broken in 2016, is now at grade but its future is an open question.
The situation faced by Oceanwide led us to ask a question: What does it take to mothball a major construction site?
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http://www.bizjournals.com/sanfranci...mbwpCRAfA5CPN4
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