It’s now “official” and in the open. The construction of One Rincon Hill’s second tower has been indefinitely put on hold. And roughly 30% of tower one inventory has yet to close.
The plugged-in word on the street: talk of potential class action lawsuits with regard to the loss of tower two amenities and the handling of closings/deposits in tower one.
And with regard to a reader’s comment: “So how come CBS has the story of One Rincon cancelling/delaying the second tower before SocketSite??” Good question. There’s no excuse. And perhaps that’s the price we pay for delaying our latest Complete Inventory Index (Cii).
UPDATE: Keep in mind there’s a
big difference between “cancelled” and “on hold.” And while we’re done holding our breath for the actual groundbreaking of tower two, we do believe it will eventually come (and that we’ll be the first to report it when it does).
UPDATE: Or in the words of developer Mike Kriozere, “We own the land, we have the financing and our construction [plans and] contracts are in place…Like others, our team is watching the economy for the proper time to re-commence construction.”
∙ Rincon Hill Among SF Building Projects Put On Hold [CBS]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]