One Rincon Hill (
According to One Rincon Hill developer Mike Kriozere, the “negative economic cycle” has resulted in an unforeseen “misalignment” of the One Rincon Hill Phase II partners’ long-term interests and as such Urban West Associates is “now negotiating with a new partner.”
In terms of the scheduled distress sale of the majority interests in the One Rincon Hill Phase II Partnership we first reported yesterday and sparked the response from Kriozere, apparently it’s simply a “commonly used tool to increase the urgency to resolve or otherwise reconcile these situations.”
We’ll keep you plugged-in as the situation changes.
Rincon developer seeks new partner [San Francisco Business Times]
One Rincon Phase II: What’s Behind That Confidentiality Agreement? [SocketSite]
One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]

8 thoughts on “The “Situation” At One Rincon Hill”
  1. I guess my sense of humor is not as well honed as yours….what exactly was the joke?
    Seems about right given the circumstances.

  2. In an unrelated “Situation” involving One Rincon Hill financing, according to’s Crime Scene blog:

    A trial has been ordered in an alleged con scheme that shocked San Francisco authorities with its unusual plunder — three luxury condos at One Rincon Hill, one of the city’s tallest towers.

    After a preliminary hearing in San Francisco Superior Court, three men and a woman face a total of more than 60 criminal counts for allegedly teaming up in the con. Prosecutors say they fraudulently took ownership of the condos in 2009, then took out a $2.2 million equity loan and divided it up.

    Apparently the ringleader, Lum, forged the signature of the true owner of the condos granting himself deed to the properties and subsequently conned one or more banks into granting him an equity loan.

  3. That is pretty funny. Amazing how easily the recorder’s office can be tricked … I am surprised this type of thing doesn’t happen more often.
    They should make an example of this group as a warning.

Leave a Reply

Your email address will not be published. Required fields are marked *