Back in 2008, the phase two second tower of One Rincon Hill was officially “put on hold.” And as we first reported early last year, the 64 percent partnership interest held by Urban West Rincon Developers II, LLC in the One Rincon Hill Phase II Limited Partnership and the entire general partner interest held by Rincon Developers Phase II, LLC were headed for a foreclosure sale.
While not a done deal, according to a plugged-in source the undeveloped site for the second tower of One Rincon Hill is now in contract. And if our source is correct, Miami-based Crescent Heights which has started construction on 749 units at 1401 Market Street and owns the parcel at 45 Lansing on which a proposed 320 units will rise across the street from One Rincon Hill should emerge as the buyer, or possibly an equity partner.
As always, we’ll keep you posted and plugged-in.
∙ It’s “Official,” One Rincon Hill’s Tower Two Is Indefinitely On Hold [SocketSite]
∙ One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]
∙ 1401 Market Street: Redesigned And Cleared For Construction [SocketSite]
∙ 45 Lansing Site In Contract, No Imminent Eviction For The Bees [SocketSite]
∙ 45 Lansing Take Two: Latest Renderings And Smaller Units Proposed [SocketSite]