Tishman Speyer is teaming with China Vanke Co. to finance the development of the 201 Folsom Street project. China Vanke will contribute $175 million and have a 70 percent stake while Tishman will contribute $75 million and maintain a 30 percent share. The remainder of the $620 million project will be financed with debt.
As plugged-in people know, Tishman Speyer 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 655 new residential units over underground parking and street level retail on the 201 Folsom Street site this past September with plans to commence construction upon the issuance of said permits.
Having submitted revised designs in December, Planning has yet to sign off on the final plans and the permits have yet to be issued. According to another plugged-in tipster, however, Tishman has been planning to commence construction in March.
∙ The Arquitectonica Redesigned 201 Folsom Street Rendering Scoop [SocketSite]
∙ 201 Folsom Street Timing: Immediately (Upon Approval Of Permits) [SocketSite]
∙ Permits Filed For Tishman’s 201 Folsom Street Towers [SocketSite]