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Bovis Moves On

From last Friday's Bizjournal: looks like Bovis Lend Lease will pull out as managing partner in San Francisco Cruise Terminal LLC. Under the terms of the deal, Bovis paid $9M for the land and rights build the Watermark condos, the first phase of a project that would include a cruise ship pier, offices and retail. They would receive 12.5 percent of the gross profits on condo sales, plus additional revenue generated by the condo sales would help underwrite the rest of the cruise pier project and yet-to-be developed Brannan Park. According to the article, the Port may reap an unexpected benefit of up to $30M from Bovis' sailing off into the sunset. Although one wonders what they'll have to give up to Bovis' replacements on the project, there's the obvious question- is this retreat an unintended consequence of sluggish sales at The Watermark?
· Cruise Ship Terminal in Hot Water [BizJournal]
· Watermark[The Watermark]