When Tishman Speyer began building the super-luxury Lumina towers, it was with the agreement that it would also construct 167 below-market-rate condos at 1400 Mission Street. Those condos have now been built and sold, and they were certified as ready for occupancy last July. But the San Francisco Business Times reports that move-ins have been beset by delays that are frustrating the buyers who spent between $225,105 for a studio and $327,577 for a three-bedroom unit.
Buyers were selected through a lottery and were certified for occupancy last year, but so far only nine tenants have moved in. City staff told the Business Times that the massive amount of paperwork for San Francisco's second-largest BMR project of all time was largely to blame. The city now expects move-ins to be complete by May.
· Delays Hit Tishman Speyer's Affordable Condo Project in San Francisco [SF Business Times]