A public records request has uncovered that The California State Teachers Retirement System (CalSTRS) invested $45 million and has lost $44 million on the failed waterfront development known as 8 Washington.
From CalSTRS’ statement in response to an inquiry from SF Weekly with respect to how their millions were spent on the project which never broke ground: “Disclosure of the requested information prior to the completion of this investment is likely to cause substantial harm to CalSTRS’ competitive position.”
In addition to the development’s defeat at the ballot box, a judge has since ruled that the State Lands Committee improperly exempted the project from additional environmental review. As such, simply lowering the height of the proposed project to meet existing height limits for the parcels won’t be enough to move forward with the development.
∙ Planning Approves 8 Washington Street Development As Proposed [SocketSite]
∙ Voters Reject Measures B/C And Designs For 8 Washington Street [SocketSite]
∙ The Fate Of The 8 Washington Street Site: What Happens Now? [SocketSite]
∙ State Teachers’ Pension Fund Blew $44 Million on the 8 Washington Project [SFWeekly]