With a past due check for $191,816,196.57 delivered yesterday, the Transbay Joint Powers Authority has officially sold and transferred the 101 First Street site upon which the 1,070-foot Transbay Tower will rise at the corner of First and Mission to the development team.
The competition to develop the site was won back in 2007 with a bid of $350 million, roughly $160 million more than the team ended up paying for the site yesterday.
A ceremonial groundbreaking to celebrate (or mourn) the transfer is taking place today.
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Too bad it will no longer be the tallest skyscraper on the west coast…
Tallest buildings don’t matter anymore. Any backwater can put up a supertall but that doesn’t make a city.