“Developer Forest City’s plan to transform the landmark 50 United Nations Plaza from an empty federal office building to a 200-unit apartment complex has hit a wall.
After 18 months of talks on a ground lease, the General Services Administration informed Forest City Residential West that “negotiations were being discontinued and the building will be sold,” said Susan Smartt, senior vice president of Forest City Residential West.
The decision baffled both company executives and city hall officials who had been in discussions with Forest City on how to improve Civic Center Plaza, now a favorite haunt for drug dealers and their customers.”
∙ Feds halt Forest City plan for 50 U.N. Plaza [Business Times]
∙ Historic Federal Buildings: 50 United Nations Plaza, San Francisco [GSA]