When developer Crescent Heights backed of a major deal for Parcel F in the Transbay District over issues with affordable housing requirements, the future of the piece of land was thrown into uncertainty. Now, the Transbay Joint Powers Authority (TJPA) is seeking a new buyer, according to The Registry. The TJPA hopes to find that buyer in the first quarter of 2016 and is currently in talks with three other pre-qualified buyers who initially went up against Crescent Heights.
Crescent Heights had agreed to purchase Parcel F for $165 million and to designate 35 percent of housing units built on the site as below market rate. However, the company later said that it could not meet the BMR requirement and backed out of the deal. The money from the deal is needed for the Transbay Transit Center that is the centerpiece of the new downtown area. Parcel F is zoned to hold a tower up to 750 feet and is the only development site in the city zoned above 550 feet.
· Transbay Parcel F Developer Backs Out of $165M Deal Over Affordable Housing [Curbed SF]