Beijing-based Oceanwide Holdings has inked a deal to purchase the 50 First Street development site and plans for the second-tallest tower to rise over 900 feet in San Francisco for $296 million, nearly 150 percent more than the $122 million that local developer TMG Partners and Northwood Investors paid for the site out of bankruptcy in 2013.
While announced in a Chinese language press release at the end of last year and then roughly translated into English last week, the Business Times first reported the deal locally.
Foster + Partners and Heller Manus are expected to remain as the architects of the project which includes two towers rising up to 910 feet in height with an elevated first floor and plaza. And as we first reported about TMG’s plans for the site in 2013, the proposed 50 First Street development includes over 1 million square feet of office space, hundreds of condos, and a possible hotel component as well.
Earlier plans for the development had called for the condos to fill the shorter 605-foot tower fronting Mission Street, but the latest plans call for spreading the residential units between the two buildings and topping the 910-foot tower fronting First Street which would rise 850-feet to the roof with a 60-foot crown, a move which would make them the highest residential units in San Francisco (a title to which the 802-foot tower rising at 181 Fremont has been laying claim).
Regardless, the 910-foot tower would become the second tallest building in San Francisco, behind the Salesforce Tower which will rise to a height of 1,070 feet and overtaking the Transamerica Pyramid, the current tallest building in San Francisco, which reaches a height of 853 feet.
TMG Partners remains in negotiations with Oceanwide to oversee the development of the 50 First Street project which could be approved by the end of the year and be ready for occupancy as early as 2019.