This dropped into our email yesterday: A copy of a memorandum sent to condominium owners at One Rincon Hill confirming plans to build on the empty adjoining lot where Phase II was stalled by the recession. Set to begin in July and expected to take about 26 months to completion, the new tower is being developed by OHR's original developer Michael Kriozere for the new Des Moines-based owners, which snapped up the property for $29.75M earlier this month. The 50-story tower will include a 3,600 square foot fitness center and a 4,000 square foot "Sky Lounge" on top, and have fewer units than planned, with some 1-bedrooms combined into larger units. The new tower will continue to be developed as a condominium, but depending on what happens in the intervening two years of construction, it very likely will start life as a rental building with units to be sold at some point in the future. The memo also mentioned plans to fulfill Kriozere's circa- 2008 obligation to infrastructure payments to the city and off-site BMR requirements, somewhere, someday. One Rincon Hill featured in our Where to Buy Right Now post. So far, no word on whether the new tower's design has undergone a shape-shifting update like the forthcoming 201 Folsom. With ground-breaking in three months, it's not impossible.
· New Tower to Rise on Rincon Hill [SF Business TImes]
· Where to Buy Right Now [Curbed SF]
· Arquitectonica's New Look For 201 Folsom [Curbed SF]