Developer’s (and the city’s) plans for the neighborhood around the Transbay Center are coming together before our eyes, but there’s one asset that lingers behind: Parcel F at 546 Howard Street, a still-vacant, 29,000-square-foot lot between First and Second Streets, right next to the future site of Salesforce Tower.
It is the only one of the precious, high-rise zoned Transbay properties with no plans attached to it. It was slated for a $165 million, 750-foot, but developer Crescent Heights pulled out of the deal in December, citing the requirement that 35 percent of the condos be designated affordable housing.
At the time, the Transbay Joint Powers said they hoped to have a new deal put together by the end of Q1 this year. Now, the San Francisco Business Times reports that Houston-based developer Hines and Urban West Associates may joining forces to buy the lot. Neither party would confirm, but they were cited as interested bidders in the past.
This would come at arguably the best possible time for the Transbay Center project, which is financed largely by the sales of the nearby empty parcels but has faced repeated budget shortfalls, and recently had to ask taxpayers to eat the cost of a loan from Goldman Sachs. Previously, the city set a price floor of at least $160 million on Parcel F, which would handily erase the Goldman debt.
If it happens, that is.