[minesweeper]

There's a new tentative agreement on selling Parcel F:

Transbay panel has deal for land key to financing transit center

The board of the cash-strapped Transbay Joint Powers Authority struck a deal Thursday with a developer willing to pay $160 million for a key parcel of land near the transit center, money that is badly needed to finance the first phase of the $2.1 billion facility at First and Mission streets.

Development group F4 Transbay Partners plans to build a mixed-use tower with upward of 300 hotel rooms, 200 residential units and as much as 425,000 square feet of office space. In addition, the developer has agreed to pay the transit authority an additional $15 million if it can hammer out a deal to acquire a contiguous piece of privately owned land at 540 Howard St.

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The deal with F4, a joint venture between Hines, Urban Pacific and the Goldman Sachs real estate fund Broad Street Real Estate Credit Partners, is to close by the summer. It is not a sure bet, however.

It it contingent on the city granting the developer an exclusive negotiation agreement to take on another piece of Transbay land — Block 4 — currently being used for the temporary bus terminal. That property, zoned for a 450-foot residential building, would give F4 land to build the 70 affordable units connected to Parcel F, as well as additional housing.