Having successfully renegotiated the amount they’ll pay The City for the land upon which to build San Francisco’s Transbay Transit Tower and Terminal from $350 million to $185 million due to declining market conditions and a shorter tower, Hines might now start construction as early as next summer based on the strength of the market.
According to the Business Times, “[u]nder the best-case schedule, which is six months more aggressive than projections Hines made in March, Transbay Tower and the adjacent 5.4-acre City Park would be completed in late 2015.”
MetLife was Hines financial partner for the tower. And yes, that’s in the past tense as they are no more. Neither Hines nor the Transbay Joint Power Authority are commenting nor has a new financial partner been announced.
No word on whether or not anybody has contacted the Chinese.
∙ Transbay Tower Timeline Moved Up, Payment To City Stays Down [SocketSite]
∙ Transbay Land Cost Cut Another $50 Million For Shrunken Tower [SocketSite]
∙ Yes, The Proposed Transbay Transit Tower Shrank A Hundred Feet [SocketSite]
∙ Turning To China For Capital To Kick-Start Developments In SF [SocketSite]