We blew it. Early last month a tipster alerted us to the fact that 50 First Street had hit the market and we briefly published the following:
According to a plugged-in tipster, 50 First Street has been put on the market with CBRE. If that location sounds familiar (the corner of First and Mission), it should. Especially if you’re starchitect Renzo Piano as that’s where a clustering of five super thin and up to 1,200-foot towers designed by Mr. Piano had been proposed to be built.
We pulled the post when we realized that 50 First was to the north of Jessie Street (we thought all of the proposed Piano development was to be to the south). But alas, 50 First is in fact one of seven parcels that David Choo had assembled for the proposed Piano project. And all seven parcels have hit the market. From J.K. Dineen this morning:
“A developer who planned to build a cluster of soaring Renzo Piano-designed towers across from the Transbay Terminal is reluctantly selling the property, one of the crown jewels of his real estate business. The [seven-parcel assemblage] could be worth as much as $140 million.”
“The sale comes at a time when the city is rezoning the Transbay district, a highrise zone around the new Transbay and terminal. Under the Planning Department’s current thinking, Choo’s assembled site, on the northeast corner of First and Mission, would be zoned for heights 150 to 200 feet lower than the Transbay tower itself. Thus if the Transbay tower is 1,000 feet, which is likely at this point, whoever buys the Choo parcel would be allowed to build up to 800 feet.
That is significantly lower than two of the four buildings Choo had hoped to build, 1,200-foot skyscrapers Piano had likened to bamboo shoots.”
That’s likely the one-two punch for the Piano project. And apologies to our tipster, we never should have doubted you.
UPDATE: “Property is listed by Eastdil not CBRE.”
∙ Prime San Francisco Transbay project on the block [Business Times]
∙ They Just Keep Getting Bigger, And Bigger, And Bigger… [SocketSite]
∙ Transit Center District Plan Workshop: Initial Ideas Tonight (4/30/08) [SocketSite]