Hey, remember back in 2005 when oft-loathed Supe Chris Daly put Rincon developers' feet to the fire and upped their fees in exchange for approving their skyline transformation? A refresher: Rincon was charged $25 per square foot to build the towers, $14 of which went to SoMa community job and housing programs, with $11 earmarked for community infrastructure, streets improvements and open space development. Those fees meant $50 million in city revenues -- but they also, according to the Mayor's Office of Economic and Workforce Development back in '05, kind of maybe made the project too expensive for the developers. Um, oops! Now that Tower 2 is indefinitely on hold, so are half of those community benefits.
· Nation's fiscal crisis puts developments at risk [SF Examiner]
· Curbed Wire: Rincon Hill Tower 2 NOT Cancelled [Curbed SF]
· The Ripple Continues: Rincon Hill Suspended [Curbed SF]