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  #1161  
Old Posted Jan 14, 2021, 9:55 PM
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Quote:
Originally Posted by gillynova View Post
Salesforce Tower needs a sibling and I was hoping this would rise up this year
Actually, a big consideration is whether Salesforce itself still wants to enlarge its campus with more space. We previously were told they were interested in a lease here but were likely kept from formalizing anything by the already-apparent troubles of the developer. Now, if some American outfit that is serious comes along and Salesforce starts taking to them, it could come together.

But partly that depends on whether Salesforce still believes it needs the space, even with the work-from-home phenomenon and at the moment I don't think we know the answer to that.

As to not using the Foster design, in SF that would be problematic I would think. The entitlements exist and a redesign would likely require starting over. We all know how nit-picky the Planning Dept. is. Does anyone seriously think they would allow something completely different to go up without going through the planning process again (and that might even mean a new Prop. M allocation)?
     
     
  #1162  
Old Posted Jan 15, 2021, 9:50 PM
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  #1163  
Old Posted Jan 16, 2021, 8:33 PM
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Note sure what effect this has on Oceanwide's US projects but it can't help:

Quote:
Chinese Property Developers Have Huge Debts to Refinance
By Xie Yu and Chong Koh Ping
Jan. 16, 2021 5:30 am ET

China’s property developers have a mountain of international debt to refinance this year, and tight lending conditions are raising the risk of defaults.

The real-estate firms need to repay up to $53.5 billion of offshore debt this year, a sharp increase from the $25.4 billion that came due in 2020, according to CreditSights, a bond-research firm. The bulk of the debt—$47.6 billion—is dollar bonds. The CreditSights figures include maturing bonds and a smaller sum of puttable debt, which has a longer maturity but which investors have the right to sell back during 2021.

At the same time, support from China’s powerful state banks is waning, profits are still recovering after tumbling in the early phase of the pandemic and regulators are taking a tougher stance on financial risk in the sector.

To further complicate matters, international defaults by Chinese borrowers, including some smaller real-estate firms, have grown more common in recent years. And a spate of defaults late last year by state-linked companies rattled investors in China’s huge onshore bond market, where property developers are also active borrowers in yuan . . . .
https://www.wsj.com/articles/chinese...d=hp_lead_pos4
     
     
  #1164  
Old Posted Mar 19, 2021, 12:03 AM
theskysthelimit theskysthelimit is offline
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The drama continues :

Quote:
The developer behind San Francisco's Oceanwide Center has yet to secure a buyer or relaunch work on the mixed-use project since construction was halted in September, but the claims for payment keep piling up.
http://www.bizjournals.com/sanfranci..._ae&j=23258082

I am going to assume that whoever takes over this project will be liable to pay all these companies .
     
     
  #1165  
Old Posted Mar 19, 2021, 12:11 AM
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^^My guess is there'll be negotiations to work something out that's mutually satisfactory. It would seem in everybody's interest to have the existing contractors pick up the work and for that to happen they'll have to reach an agreement but it won't necessarily be for the previously contracted amount.
     
     
  #1166  
Old Posted Mar 19, 2021, 6:10 AM
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Quote:
Originally Posted by Pedestrian View Post
^^My guess is there'll be negotiations to work something out that's mutually satisfactory. It would seem in everybody's interest to have the existing contractors pick up the work and for that to happen they'll have to reach an agreement but it won't necessarily be for the previously contracted amount.
Not necessarily. If the mechanics liens are still in place and not expired, those contractors will be entitled to full payment by law as I understand it. In order to even sell, Oceanwide would have to put up 125% bonds on the amounts of any lien.
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  #1167  
Old Posted Mar 19, 2021, 7:41 PM
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Originally Posted by plinko View Post
Not necessarily. If the mechanics liens are still in place and not expired, those contractors will be entitled to full payment by law as I understand it. In order to even sell, Oceanwide would have to put up 125% bonds on the amounts of any lien.
I realize they have a case if they want to take it to court. But a bird in the hand is worth 2 in the bush . . . as they say. Usually in situations like this nobody really wants to waste money on lawyers and the delay any court proceedings takes and they negotiate. My prediction is that if Oceanwide finds a solid buyer with good credit, they will reach a deal with the contractors and everybody will get back to work fairly promptly unless there are other reasons to delay such as the buyer's expectations about when the market for office leases is likely to turn favorable.
     
     
  #1168  
Old Posted May 3, 2021, 3:57 AM
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The cranes were taken down this weekend.
     
     
  #1169  
Old Posted May 3, 2021, 7:20 AM
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weak.
     
     
  #1170  
Old Posted May 14, 2021, 1:06 PM
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Is this tower not going to rise? I hope that’s not the case, as it’s gorgeous.

With the business exodus from SF, I wonder if the demand is there.

I absolutely love SF and hope that this gets built.
     
     
  #1171  
Old Posted May 14, 2021, 4:36 PM
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Quote:
Originally Posted by JMKeynes View Post
Is this tower not going to rise? I hope that’s not the case, as it’s gorgeous.

With the business exodus from SF, I wonder if the demand is there.

I absolutely love SF and hope that this gets built.
It'll probably take awhile to resurface. Hopefully the original design is maintained as it was a really good one.
     
     
  #1172  
Old Posted May 14, 2021, 5:00 PM
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I hope so. I just read an article which stated that SF has been hit harder than any other US city because tech companies plan to let their employees continue to work remotely.

This is such a gorgeous building in one of the best American cities. I hope that it gets built.

https://www.cnbc.com/2021/05/14/san-...pty-space.html

San Francisco tech companies are sitting on record amounts of empty office space and offering perks to lure tenants
PUBLISHED FRI, MAY 14 202111:11 AM EDTUPDATED 2 HOURS AGO
Ari Levy

Last edited by JMKeynes; May 14, 2021 at 6:02 PM.
     
     
  #1173  
Old Posted May 14, 2021, 5:33 PM
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Quote:
Originally Posted by JMKeynes View Post
I hope so. I just read an article which stated that SF has been hit harder than any other US city because tech companies plan to let their employees continue to work remotely.

This is such a gorgeous building in one of the best American cities. I hope that it gets built.

Look for a US developer to pick it up on the cheap from the Chinese.
     
     
  #1174  
Old Posted May 18, 2021, 4:03 AM
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Can some one please post a photos with the cranes removed? Wondering how the site looks like as of may 2021. Thanks!!!!
     
     
  #1175  
Old Posted May 18, 2021, 9:43 PM
theskysthelimit theskysthelimit is offline
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I took these photos today. The first 2 are from the Mission Street side where the shorter of the 2 towers was to have risen. This tower suspended construction in Oct. 2019 and the crane for it was taken down shorty after.






These photos were taken from the 1st Street side where the larger building was to have risen. The crane is still up but as we know, construction has come to a halt. Only a lonely security guard is present.





     
     
  #1176  
Old Posted May 19, 2021, 2:01 AM
timbad timbad is offline
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(there used to be two cranes for the First St building (see pics previous page), so one has been taken down)
     
     
  #1177  
Old Posted May 19, 2021, 4:05 AM
theskysthelimit theskysthelimit is offline
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Quote:
Originally Posted by timbad View Post
(there used to be two cranes for the First St building (see pics previous page), so one has been taken down)
You are correct. Looking at the previous pictures, there were 3 cranes up for both buildings at one time.
     
     
  #1178  
Old Posted May 20, 2021, 12:42 AM
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Thank you theskysthelimit. Looks like the last crane will come down as well since one of the largest tower cranes did help assemble the second crane on the biggest tower.

Funny if in few month they would get funding and would have to bring the cranes back in
     
     
  #1179  
Old Posted May 23, 2021, 12:35 AM
theskysthelimit theskysthelimit is offline
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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?
http://www.bizjournals.com/sanfranci...mbwpCRAfA5CPN4
     
     
  #1180  
Old Posted Jun 17, 2021, 2:46 AM
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2nd crane is being taken down finally this week.
     
     
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