We heard about this before. But now that the actual legislation is signed, something might actually happen soon. I found the quote about the potential $19M in savings from the consultant interesting. Is it enough to start construction right away? And how about Newsom signing it on the rooftop of ORH? Don't want to read too much into it, but we all now this is one of the main projects he had in mind when pushing for this.
Quote:
Second Rincon Tower poised to finally be built
By: Erin Sherbert
Examiner Staff Writer
May 26, 2010
Construction of the long-delayed second Rincon Tower at Harrison and Fremont streets — part of a skyline-changing, upscale neighborhood near the proposed Transbay Transit Center — can start, after new legislation was signed Tuesday by Mayor Gavin Newsom.
....
The combined effect of the new legislation and a separate law on transfer fees could “bring $19 million in savings to Phase 2,” said Marc Babsin, who’s working as a consultant on the Rincon Tower project. “It will lower costs and make construction start that much earlier.”
Newsom said there are at least nine projects in San Francisco — including the second Rincon Tower — that are ready for construction, but they’re delayed by financial constraints due to the recession.
The deferral means more to San Francisco than just assisting developers. The legislation will employ 4,800 construction workers and generate $22 million in general-fund tax revenue, Newsom said after signing the legislation on top of the Rincon Tower.
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Read the complete article at the
San Francisco Examiner.
Here's a rendering to remind us what's (hopefully) in store:
Source.