SAN FRANCISCO | Salesforce Transit Center

[BTinSF]

^^^Looks more "temporary" than I expected.

[BTinSF]

TUESDAY, JUNE 16, 2009
City halts bidding process on prime site

Here's more proof that construction cranes won't return to San Francisco's skyline anytime soon: the city's redevelopment agency has postponed plans to sell a prime downtown tower site.

The reason? The bids were so low that officials instead put the competition on hold.

What thickens the plot is that the land at First and Folsom streets is related to the Transbay Terminal project, which by 2015 is supposed to bring rail service from the south to First and Mission streets. This is the first of 10 nearby parcels slated to be sold to help fund the project.

When the Transbay site itself was up for grabs, developers bid more than expected. Two years later — offered a well-located site zoned for a 60-story residential tower — only three teams responded. Only two submitted detailed bids this month. Bureaucrats didn't like either one. "The purchase offers...are far below the potential value of the site in a healthier market," sighed a staff memo Tuesday from the San Francisco Redevelopment Agency. So the agency will try again in 2010. None of which should delay the new terminal timeline, according to the Transbay Joint Powers Authority.

It doesn't affect us negatively right now," said Maria Ayerdi-Kaplan, the executive director. "We're able to wait (in terms of land sales revenue) another year."

Source: http://www.sfgate.com/cgi-bin/blogs/cityinsider/index?

[pseudolus]

Originally Posted by BTinSF

^^^Looks more "temporary" than I expected.

It's an eleven-wide....

[kenratboy]

Originally Posted by pseudolus

It's an eleven-wide....

I cannot possibly emphasize how much I want to see this project succeed, and get at least one 1000' building out of this.

[BTinSF]

Originally Posted by kenratboy

I cannot possibly emphasize how much I want to see this project succeed, and get at least one 1000' building out of this.

You may have a long wait. It's becoming increasingly clear that San Francisco has a surfeit of office space already available and I doubt Hines will start building this building until it's absorbed. That could be 5 years or more. In fact, I wouldn't be shocked by the news they had sold the development rights (if there were any buyers).

Meanwhile, the public TJPA is putting up the terminal building (not the tower) and so far there's nothing to suggest that won't proceed on schedule. As a transit terminal, it doesn't depend on the office space market and it is eligible for a variety of federal and other funding.

So we could have a nice new terminal with an empty lot in front of it for a number of years.

[viewguysf]

Originally Posted by BTinSF

You may have a long wait. It's becoming increasingly clear that San Francisco has a surfeit of office space already available and I doubt Hines will start building this building until it's absorbed. That could be 5 years or more. In fact, I wouldn't be shocked by the news they had sold the development rights (if there were any buyers).

Meanwhile, the public TJPA is putting up the terminal building (not the tower) and so far there's nothing to suggest that won't proceed on schedule. As a transit terminal, it doesn't depend on the office space market and it is eligible for a variety of federal and other funding.

So we could have a nice new terminal with an empty lot in front of it for a number of years.

I too would be very surprised to see any major highrise or skyscraper built for a very long time. We couldn't even get some of the short office developments constructed even though there are a least four beautiful projects in the pipeline at various stages. Don't look for tall condo towers anytime soon either. kenratboy, I identify with your feelings though, especially when it comes to the second ORH tower. At this point, we'll be fortunate to see any of these projects survive this long drought.

[peanut gallery]

Originally Posted by viewguysf

Don't look for tall condo towers anytime soon either. kenratboy, I identify with your feelings though, especially when it comes to the second ORH tower. At this point, we'll be fortunate to see any of these projects survive this long drought.

It might seem strange, but I'm more disappointed in the situation on Rincon Hill than I am about the dim prospects of the Transbay tower getting built anytime soon. ORH desperately needs company and I think that would do much more for the overall look of the skyline than the 1000' tower.

Same goes for the terminal. I'm much more concerned about that getting built than the tower.