Could You Spare an Extra $5 Million?

MetLife recent pulled out as the primary investor of the proposed new Transbay Tower, and now developer Hines is scrambling to come up with a nonrefundable $5 million line of credit. Since the project is planned for publicly owned land, the $185 million land sale of the site will help fund the larger $1.5 billion Transbay Transit Center project. If Hines can't come up with the deposit before tomorrow's Transbay Joint Powers Authority meeting, the TJPA directors may have to scrap the Hines proposal and send the project back out to bid. [SF Gate/Previously on Curbed SF]