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Watch an Interactive Video on Transbay Neighborhood, Transit Center and Caltrain Extension!!! A city plan to overhaul development impact fees could help revive some of San Francisco's biggest stalled housing projects, including Tishman Speyer's (developer for Infinity) 725-unit 201 Folsom St., and the 292-unit second tower in Urban West Associates' One Rincon Hill. The city's Office of Economic and Workforce Development is proposing a package of changes that would allow developers to pay impact fees after the building is completed, rather than before construction starts. It would also reduce affordable housing fees by a third, replacing that portion with a permanent 1 percent transfer fee that would generate long-term revenue for the Mayor's Office of Housing. The Planning Commission will consider the package of legislation next week. The proposal would enable Tishman Speyer to start construction on 201 Folsom St. about a year from now - a full two years sooner than would be possible if the stimulus package does not pass, according to Tishman Speyer Managing Director Carl Shannon. By lowering costs, it reduces the gap between current prices and the point at which it makes sense to start building again, he said. "We believe that if this program goes forward it will reduce the required appreciation of the projects by 6 percent, which means that it can start two years earlier than it would without a stimulus package," said Shannon. "This is a project that will employ 250 union workers a day for three years and have a total union payroll of $100 million. The benefit in terms of employment in San Francisco is dramatic - and that is only one project." San Francisco Business Times 1/15/2010 Tags: South Beach, The Infinity, Transbay Redevelopment Area, South of Market, Financial District, One Rincon, Transit Center District Comments on "201 Folsom (INFINITY Family!) could Start 2 Years earlier" by Infinity owner, Tue Jan 26 19:32:35 PST 2010 how can they start developement on a new building when they still can't get the one next to it right by Sergey B., Wed Jan 27 19:55:32 PST 2010 Can't get the one next to it right? Yikes... I must live at a different Infinity/SOMA paradise.
Besides an occasional visitor parking in my deeded spot or perhaps yet another SOMA party keeping us up until early morning, we have found the Infinity to be the best investment that we have ever made... Like the Millennium, but with a better location, bridge view, floor plan, and wrap around balcony. Given your disappointment, if it gets too bad, call MIA and we will buy you out. We want all the Infinity that we can afford and you will likely be happier back in Tucson anyway. |
