Posted Jul 30, 2024, 7:24 PM
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你的媽媽
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Join Date: Jan 2012
Location: The Bay
Posts: 9,403
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Quote:
The floating cube tower planned to become part of S.F.’s skyline is on hold. Here’s why
By Laura Waxmann, Reporter
March 8, 2024
Plans to augment San Francisco’s skyline with a 65-story skyscraper featuring a “floating cube” at its top appear to be on hold.
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When contacted this week, planning officials were unable to confirm the status of the project, saying they had not received written confirmation from the development team, which includes local developer Align Real Estate and development brokerage Ground Matrix, headed by Chris Foley of real estate agency Polaris Pacific. However, the city’s Department of Building Inspection confirmed that, earlier this week, the team requested to retract a building permit that it applied for in late 2022, starting a process that allows it to recover some of the costs associated with the permit, according to the department. While the tower’s developers have not responded to inquiries about the project’s status, it is facing economic conditions that present serious challenges to housing construction: increasing construction costs, high interest rates that make it difficult to obtain construction loans, and softening rents.
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The team filed for the building permit that it is now seeking to cancel for that version of the project. Approval of the permit was dependent on the tower, estimated to cost about $250 million to develop, winning its entitlements. What happens next — and whether the team is working to redesign the project once more in an effort to ensure its feasibility — is unclear. State laws that became effective this year would provide the project with a boost if it is reconfigured to add housing units at varying income levels, and a number of developers in recent months have modified planned and entitled projects across the city to take advantage of the change. The team also has an option to buy the project site from the property owner, McLaughlin Family Associates LP, which it has not exercised. More recently, Align has worked to buy the Webster Street Safeway in San Francisco’s Fillmore neighborhood, which is slated to close at the end of the year, with plans to remake the property into housing and new commercial space. The timeline for that project is not known, as the developer has yet to file a formal application with the city.
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https://www.sfchronicle.com/realesta...f-18708366.php
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