Rincon Hill Development, 45 Lansing Tower canceled
The dream of ultra-luxury 4BR’s in the heart of Rincon Hill is gone (for now) as Turnberry’s 40 story bar-raiser is now officially canceled according to JK Dineen of the SF Business Times.
With the demolition of the existing building there and the construction crews teasing us with what looked to be activity indicative of ground-breaking of the project, the reality of the market has finally hit Turnberry.
JK Dineen of the SF Business Times writes, ‘The cancellation is a significant blow to the future of highrise development in Rincon Hill and other downtown neighborhoods. Turnberry bought the property in September, 2006, near the height of the market, paying $30 million, or $130,000 per buildable unit. At the time Turnberry President Bruce Weiner told the Business Times that the project would cost $230 million to $240 million and would be the most upscale development Rincon Hill has seen, with “exotic marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, individual security systems and 12-foot penthouse ceilings.”’
The dream will have to wait…
* Source: San Francisco Business Times -by J.K. Dineen
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Mark Choey's RSS Feed
September 21st, 2009 at 12:23 pm
Hi,
what exactly are the reasons this was cancelled, and what is needed to revive the project? Have investors who may be interested in carrying this forward to completion