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]