As we first reported two weeks ago, the plans for a couple of big towers to rise at First and Mission streets were recently reworked and resubmitted to Planning with designs for an 850-foot-tall office tower fronting First Street, a 605-foot-tall condo tower fronting Mission Street, and a renovation of the 88 First Street building on the corner rather than a third tower as was originally proposed.
Today, TMG Partners and Northwood Investors tentatively agreed to pay $122 million for the site in United States bankruptcy court having “hammered out [a deal] between investor David Choo, the previous owner of the site, and MS Mission Holdings, which had bought the loan on the property and foreclosed on it after Choo had defaulted.”
With the disputed ownership of the site now settled (Choo was contesting the foreclosure), expect the project to quickly power up.
∙ Plans For Landmark Tower(s) At First And Mission Are Powering Up [SocketSite]
∙ TMG Partners, Northwood to take over massive Transbay project [Business Times]