Following Gavin's signing yesterday of his own widely touted fee-deferral "stimulus" program for new developments, the SF Examiner has a tantalizingly vague story saying that the second tower of One Rincon Hill is "poised to finally be built." This, after news hit in fall 2008 that the second tower would be put on hold indefinitely due to inclement financial weather. What's changed? Either 80 or 85 percent of the impact fees that developer Urban West Associates owes the city can be deferred now to completion of the project — the combination of that, plus another law on transfer fees, could "bring $19 million in savings" for the 46-story second tower, says a consultant. "It will lower costs and make construction start that much earlier." How much earlier he doesn't say, but it sounds like the shackles could be loosening sooner rather than later on this beast. Given the debacle over the fees that Urban West was accused of not paying the last time around, the developer may want to tread carefully this time. At least around reporters!
· Second Rincon Tower poised to finally be built [SF Examiner]
· Development Stimulus Passed, Project Fee Deferrals Begin in July [Curbed SF]
· One Rincon Hill: We Didn't Really Promise to Pay [Curbed SF]
· The Ripple Continues: Rincon Hill Suspended [Curbed SF]