The real info on this project as well as the other Bayview project on Jamestown (The Heights at Candlestick) that Noteware Development had completed the first phase of and was ready to start selling, is that their equity partner, Goldman Sachs from New York, panicked over the sub-prime crash and GS’ internal projection that the foreclosure market in California as a whole would be extending to S.F., so GS decided to take over the projects from Noteware (any R.E. experience on the Goldman Sachs team? Not a whit!), hence the work stoppages on both projects…
And from a plugged-in tipster today:
Last week, I called the Candlestick Heights Sales Center to inquire about pricing, availability, etc. The agent responded via email: “I’m responding to your request the other day…The update is this new development has been put “on hold”. No units are being sold at this time. Unfortunately that’s all I can tell you at this time. If you’d like, contact me again in a few weeks….I should know more by then.”
We’ll keep you posted (and plugged-in).
∙ RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
∙ The Heights At Candlestick [theheightssf.com] [Floor Plans]