The Chicago-based developer has put its condo tower site at 375-399 Fremont St. on the block, a parcel entitled for 393 units. Industry sources say the project, the Californian, had been in contract for an astounding $62 million, which translates to $160,000 per buildable unit, but that the deal fell out. Fifield spokesman Cheryl Bame said Fifield is in negotiations with several builders but that the property has not been sold. “They have had some unbelievable offers on the San Francisco project and believe it¹s a great market,” she said.
Our question for those in the know: is it the financing or the market that’s led to the change of heart?
∙ Fifield puts Rincon Hill condo parcel on the block [Business Times]
∙ The Californian On Rincon Hill Construction/Sales Pushed Back [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]