January 5, 2012
One Rincon Hill Tower Two Site In Play
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]
First Published: January 5, 2012 8:00 AM
Comments from "Plugged In" Readers
What about that small hill behind tower 1? Is that going to be developed?
Posted by: sf at January 5, 2012 8:53 AM
Where is Recent ORH buyer? Looking at his/her comments from previous threads on ORH makes for very entertaining reading.
Anyway, here's hoping Tower II is built in the not too distant future.
Posted by: Willow at January 5, 2012 8:58 AM
ORH#1 looks a bit lonely. Build it.
Posted by: lol at January 5, 2012 9:30 AM
Overpass, isolated tower, billboard, empty lot... if I didn't know better I'd guess that photo was taken in LA. Let's hope this area gets more density and becomes a real neighborhood in time.
Posted by: James at January 5, 2012 9:34 AM
Did they ever even sell out the first tower? Why would somebody build another tower if there's one sitting half-empty 20' away? Unless, of course, they can get the land cheap enough to undercut prices in tower 1 by a good margin. Worked for Infinity.
But I also hope they build it - despite what the D7 supremists might think, people want to live here and Soma condos will move quickly if priced right. From what I've seen, the market seems to be around $700 psf +/-$50 right now.
Posted by: Legacy Dude at January 5, 2012 11:12 AM
Legacy Dude: ORH tower 1 is 96% sold.
Posted by: ORH insider at January 5, 2012 11:23 AM
Phase II of the Infinity will crush this like phase I crushed ORH.
Posted by: sorearm at January 5, 2012 12:53 PM
^ lol....are we really going to get back into Infinity V. ORH?
In that case, the real estate cycle is finally complete.
Posted by: curmudgeon at January 5, 2012 1:53 PM
are they required to build an ORH tower II in this location or can they build a differently designed building?
this increased nventory should keep the SOMA housing market near its lows for a long time. good for buyers and the city.
Posted by: spencer at January 5, 2012 3:15 PM
Wasn't Crescent Heights also the developer of 333 1st Street (The Metropolitan)?
Posted by: Sausalito_Res at January 5, 2012 3:15 PM
"Wasn't Crescent Heights also the developer of 333 1st Street (The Metropolitan)?"
Posted by: gellan at January 5, 2012 4:02 PM
I'd like to know if whatever is built there will contain amenities for current Tower 1 residents... I recall some ORH advocates (strangely silent these days!) claiming the construction of 2 would bring additional benefits to current residents.
Posted by: Po Hill Jeff at January 6, 2012 8:22 AM
My suspicion is that this tower will be built as apartments, with a condo map put on it so that it can be converted at some point in the future. Basically the deal will have to pencil as apartments (and actually be rented as apartments, initially at least), otherwise I doubt there is a lender that would provide financing. There is plenty of construction financing available for apartment projects -- very little for spec. condo buildings, though.
Posted by: Outsider at January 6, 2012 9:28 AM
Posted by: SocketSite at March 16, 2012 9:19 AM