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Saw that coming. Interesting how the City puts their business hat on when they need to but ask others to take it off.

Yeah, not a surprise ... bummer.

And, why is the market going to recover? Guys -- don't forget, if SF doesn't get the job engine going -- there may never be a robust recovery. There is plenty of other space around -- demand may never govern that things like 100% affordable buildings are ever built. Why not put the housing near the jobs -- in other states...

what does "100% affordable building" refer to? Is it an all BMR units, or some other type of government housing?

First things first...get the damn transbay terminal up...nobody is going to buy a redevelop near a freeway offramp until the whole thing is finished

Uhh, One rincon hill was developed, wasn't it?

If nothing is happening for a few years, at least get something green growing there!

More heartbreaking news for ORH.

Cue the crying virgins, poor crones, and homeless people.

I can hear the cheers from the 04 and 05 stacks at the Met.

This highlights the danger in buying a home in a gentrifying area or an "up and coming" area. Many people bought in this area with the expectation that the neighborhood would change for the better, which isn't necessarily a bad idea.

The problem is that many people paid premium pricing ($1k/sq ft and higher) to buy in these areas, and seemed to neglect the very real risk that the plans wouldn't turn out.

It was in my opinion pretty obvious for several years that most of the planned buildings would never come to fruition, at least not in this RE phase.

It shows how ridiculous the process is in SF. They are so strict with all their planning that most of the projects can't get built during boom times... and then nobody wants to build them in bust times (for good reason).

these prospective projects will have to wait for more than "good times". They have to wait until credit loosens up. The banks will be strangled with their bad loans for many years, and thus will be hesitant to lend on big commercial or residential towers any time soon. This is one of the myriad of problems when you create a zombie banking system, as we have. It's one of the reasons why people like me called for letting some of the banks go bankrupt.

it's a pity that most of these projects likely won't happen for a very very long time (I'd guess 10-20 years minimum).

Funny how the city is acting just like every other homeowner. If they can't get their asking price, they'll take their property off the market and wait until the market "recovers."

Good luck with that one.

Noting "the agency should wait for conditions to improve rather than sell under current market conditions,"...

Call me a "Bear", but I continue to be astonished by the Optimism of people - especially ones that are in power to make changes to a City like Executive Director Fred Blackwell.

Is there any statistical basis for what he is holding out for ? I bet this vacant area will soon be filled with homeless junkies relocating from the tenderloin.

Ah, San Francisco, World Class City !

"The problem is that many people paid premium pricing ($1k/sq ft and higher) to buy in these areas, and seemed to neglect the very real risk that the plans wouldn't turn out."

Boy truer words were never said there. Man that koolaid was sweet.

Great news, my home has an aspect that looks down onto this plot of land.

Would agree, it would be great if there was something green here but I'm guessing it'll simply become yet-another $12 a day parking lot.