October 12, 2012

201 Folsom Street Timing: Immediately (Upon Approval Of Permits)

201%20Folsom%20Street%20Rendering.jpg

As we first reported last month, Tishman Speyer has officially filed for their building permits to construct two towers rising 37 and 42 stories, and two 8-story plaza buildings, with a total of 669 new residential units over underground parking and street level retail on the 201 Folsom Street site.

As we also first noted, having missed the September 3, 2012 deadline to start construction per the terms of Planning's approval for the massive 201 Folsom Street project, Tishman also filed for an official extension, a request which is simply procedural and necessary to secure permit approval. Now, in the direct words of the Tishman's legal team:

"Upon issuance of those permits, [Tishman] intends to commence construction immediately."

The eventual (and existing) view from the street:

First Published: October 12, 2012 12:00 PM

Comments from "Plugged In" Readers

As an "economic indicator", this is good news.

Posted by: jlasf at October 12, 2012 12:01 PM

Good news for the neighborhood. So much better than what is there now.

Posted by: Ivan at October 12, 2012 12:43 PM

Yay. I love the oblong building. It will add visual interest.

Posted by: Pffft at October 12, 2012 2:00 PM

Does anyone know if they plan to begin both towers at once or build only half the project at first like they did with the Infinity?

Posted by: Steve at October 12, 2012 2:09 PM

Infinity built both towers. One Rincon did not.
Both towers will be built at once.

Posted by: Joe at October 12, 2012 2:49 PM

But they did not build both towers at once on Infinity. There was a gap of a year or two between them. They held off on the second one until things improved a bit in the market.

Posted by: Steve at October 12, 2012 4:02 PM

Does anyone know if they plan to begin both towers at once or build only half the project at first like they did with the Infinity?

While only time, and perhaps a plugged-in construction tipster, will tell, as we first reported, Tishman has applied for the permits for all four buildings: 301 Beale (42-story tower), 338 Main (37-story tower) and 318 Main/333 Beale (8-story plaza buildings).

Posted by: SocketSite at October 12, 2012 5:00 PM

"But they did not build both towers at once on Infinity. There was a gap of a year or two between them. They held off on the second one until things improved a bit in the market."

Both towers were built as one project; the Main St. tower was completed and sold first. There were more challenging market conditions that may have impacted the timing of the release of units in the Spear Street tower, but the recall that Tishman "held off" could not be accurately applied to the actual construction.

Posted by: GoodBuyBadTimes at October 12, 2012 5:24 PM

A totally pointless musing--I don't think the shadow being cast in that rendering is possible. We're looking southeast; therefore, the shadow suggests light coming from the NE.

Posted by: newbie at October 12, 2012 6:07 PM

One Rincon Tower 2 is under construction. Should be coming out of the ground this month.

Posted by: Jim at October 12, 2012 8:00 PM

"They held off on the second one until things improved a bit in the market."

Another way to say this could be: "They held off on the second one until the market had completely collapsed and they needed to offer steep discounts to move units."

Tower 2 residents got significantly better deals then tower 1.

Posted by: sfresident at October 12, 2012 10:43 PM

On the Infinity project the entire site was excavated and the garage portion below ground was finished. The first tower and the two low-rise buildings were constructed and the second tower was built up to ground level. When phase one was up, construction commenced on tower two. It went up very quickly because the Webcor crew had gained experience with tower one.

Posted by: ConstructionWatcher at October 13, 2012 12:19 AM

"Another way to say this could be: "They held off on the second one until the market had completely collapsed and they needed to offer steep discounts to move units."

Tower 2 residents got significantly better deals then tower 1"

Steep Discounts is an understatement! In other words...the Infinity Tower 2 residents were totally screwed by Tishman Speyer when they dumped dozens of units! Again...only an idiot would take the risk of associating with this developer!

Posted by: jimyleo at October 15, 2012 11:45 AM

How did TS screw T1 buyers by selling T2 units at market rate? I'm confused.

Posted by: R at October 15, 2012 1:22 PM

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