Posted Sep 24, 2026, 2:54 AM
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你的媽媽
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Join Date: Jan 2012
Location: The Bay
Posts: 11,842
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Quote:
Downtown S.F.’s other stalled megaproject may be poised for a reset, and a new owner
By Laura Waxmann, Staff Writer
Sep 23, 2026
San Francisco’s long-stalled Oceanwide Center project is finally edging toward a revival. Now, downtown’s other major unfinished construction pit may also be escaping stasis with a sale to a new owner, and potentially a radically different design. Lendlease is once again seeking buyers for its stalled Hayes Point project at 30 South Van Ness, hiring a brokerage to market the site — a move that multiple real estate insiders described as a sign that the Australian developer is preparing to abandon one of its last major footholds in the United States.
This could be the end of Lendlease’s ambitions to build a 47-story skyscraper with 333 homes atop 260,000 square-feet of new office space that was once valued at over $1 billion. The company broke ground on the project, which sits a block over from X Corp.’s (formerly Twitter) abandoned headquarters on the edge of Mid-Market and within walking distance of City Hall, in September 2022. But construction ground to a halt a year later as rising interest rates, elevated office vacancies and broader turmoil in the market challenged the project’s financing. The move comes as the company, under new CEO Nick O’Neil, moves toward a complete withdrawal from the U.S. market, according to sources with insight into the company’s real estate strategy. Lendlease, the Sydney-based real estate and investment management group that has spent decades developing major projects around the world, announced in 2024 that it would be winding down its U.S. and U.K. construction businesses, focusing instead on its home country and international investments platform.
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The project’s future may now depend on a more drastic redesign. Real estate insiders told the Chronicle in the spring that several residential developers had been circling the site, and were studying whether the project could be converted into an entirely residential project. A spokesperson for the city’s Office of Economic Development and Workforce Housing, which has worked with a number of the city’s developers to re-entitle major stalled projects and restart construction, said that the city has not met with Lendlease or any other potential buyers since the project’s affordability requirements were changed two years ago. The spokesperson said the city would welcome a residential project at 30 Van Ness. Housing, underwritten at a lower basis than the original mixed-use project, may be the only way to get the project out of the ground, according to one local developer, who spoke with the Chronicle on the condition of anonymity.
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https://www.sfchronicle.com/realestate/article/30-van-ness-hayes-point-lendlease-22445908.php
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