And there you have it. The San Francisco Redevelopment Agency has up and decided to suspend efforts to create housing on Transbay Block 8. Why? Executive Director Fred Blackwell stated that the bids for property were "well below the potential value of the site in a healthier real estate market." Bad news.
"Blackwell said the agency decided to suspend the request for proposals process for Block 8, a 42,600-square-foot parcel on Folsom Street between First and Fremont streets. The agency is looking for a developer to build two market-rate structures: a 550-foot residential tower and an adjacent 50-foot residential townhouse development. In addition, the RFP called for a 100 percent affordable building 65 to 85 feet."
· S.F. suspends effort on Transbay District site [SF Business Times]