Posted on 08/15/2023 6:25:07 PM PDT by zeestephen
Hayes Point was intended to revive San Francisco's struggling downtown...The $1.2 billion tower was halted after developers failed to find tenants...Hayes Point was one of the few remaining construction projects underway in San Francisco, and its halting comes as a major upset to city officials after they introduced measures to revive the downtown area around it.
(Excerpt) Read more at msn.com ...
Who was the genius who thought the area could be revived without addressing first the crime and the bums?
From a quick Internet search the site apparently is dirt surrounded by plywood.
A lot of steps could be taken at all levels of government to end the decay of our cities, if sane people should happen to return to all levels of government.
It wouldn’t surprise me a bit if the CCP grabbed all these vacant properties at firesale prices.
I believe that is the plan.
The only SF gets cleaned up is for a big quake to reduce what’s left to rubble.
Metro Detroit actually has the largest concentration of Palestinian expatriates in the world outside the Middle East.
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I suspect that the Palestinians are a cultured people. Minneapolis has the Somali and the call to prayer blasted most of the day. And the Somali yuth love them fireworks. They terroize the neighborhoods around the Univ of MN.
Unfortunately, the voters are too stupid to figure out why these things happen. Same in my hometown of Seattle. Portland is just as bad if not worse.
I remember the savings & loan crisis. I was living north of Dallas at the time. Lots of empty hi-rise office space. The Fort Worth paper (I believe is where I saw it) had an article where the author posed they should bring the artist Cristo in to wrap the empty buildings. Then when someone asks, “Why did they build that one?”, you could scratch your chin and say, “Well, for art.”
“I think an economic reckoning is coming.”
Indeed. It’s a big commercial real estate crisis looming which is triggering the next huge banking crisis. Stay tuned.
Better firesale prices yet to come. Maybe you can get a skyscraper for free!
They can always bring in Banksy to do a painting.
I call the Millennium Tower!!
Michael Burry bought a $1.6 billion short position yesterday.
Liberals policies are like throwing gravel into a finely built jet engine.
No one, that’s what actually killed this project. LendLease had been funding with equity, but just couldn’t get the debt side at a price that worked.
“I call the Millennium Tower!!”
Think of the liability you will face when it falls over!
It looks like Calcutta now! Detroit would be an improvement. We here in Michigan have our fair amount of problems, but streets awash in poop and syringes isn’t one of them.
CC
looks like construction was easy enough to stop given that pics show it never got above ground level ...
......as a developer of several hundred projects over several decades, I can tell you that you are partly right. The other half is still ahead of the current owners e.g. inflation on unbought materials needed to complete, ad valorem taxes, utility bills, minimal staff to just maintain the site, lawyers, theft, vandalism, security, consultants and on and on.
A buyer will make them “eat” the past and at least 5 years into the future.
And to think San Francisco hasn’t even reached the bottom yet! Enjoy the long ride to the bottom. Wonder where they will find the leadership who will work hard to restore San Francisco to it once greatness?
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