SAN FRANCISCO | One Rincon (Tower One) | 641 FT / 195 M | 60 FLOORS - Page 68

peanut gallery · #**1341** Posted **Oct 8, 2008, 4:39 AM**

I will remain skeptical, but will keep it to myself. I've beat this horse enough. Besides, this town ain't big enough for two doom-and-gloomers.

peanut gallery · #**1342** Posted **Oct 8, 2008, 4:58 PM**

Quote:

Originally Posted by BTinSF

See above. I think the money for ORH 2 is available if the developer still wants to proceed. If you want, you can check out the lender yourself: http://www.ullico.com/b/txt.cfm?page=Rea-RealEstate

I was actually referring to individuals' ability to get financing to buy units, but it's good to know there is money available for developers to move forward.

wiru · #**1343** Posted **Oct 8, 2008, 7:33 PM**

Quote:

Originally Posted by SFView

Thanks BT. With this additional reassurance, we probably should rest any project delay assumptions especially in regards to the dark painted wall.

instead of second building progress, i've started to look inside. contacted one of my friend who has access to the building. he said that as of couple days ago, they are starting to fill water in the swimming pool. if anyone have acess to pictures, please post.

peanut gallery · #**1344** Posted **Oct 8, 2008, 9:15 PM**

Sounds like your friend might be the best bet. Any chance he can post some shots on here? I'd love to see some of the common areas and how the interior looks.

wiru · #**1345** Posted **Oct 9, 2008, 12:31 AM**

Quote:

Originally Posted by peanut gallery

Sounds like your friend might be the best bet. Any chance he can post some shots on here? I'd love to see some of the common areas and how the interior looks.

i dont think he has a digital camera, believe it or not

. when you refer to interior, are you refering to inside the unit? or just the common area. i'll see what he can do.

peanut gallery · #**1346** Posted **Oct 9, 2008, 5:39 AM**

I was thinking the common areas, like the pool and other amenities, and also areas like the lobby and hallways. If he doesn't mind sharing photos of the unit, that would be cool too. Or even his view would be interesting. Thanks!

peanut gallery · #**1347** Posted **Oct 9, 2008, 5:43 AM**

Meanwhile, the townhouse building is starting to reach its intended look:

wiru · #**1348** Posted **Oct 9, 2008, 5:36 PM**

Quote:

Originally Posted by peanut gallery

I was thinking the common areas, like the pool and other amenities, and also areas like the lobby and hallways. If he doesn't mind sharing photos of the unit, that would be cool too. Or even his view would be interesting. Thanks!

peanut, see the pictures i posted toward the bottom. inside the unit is pretty boring so im not going to post it unless someone really want to see it. i took these pictures from the balcony. the view is pretty cool. i have some common area pictures that i can post later. im still trying to hunt down the pool picture.

http://forum.skyscraperpage.com/show...107919&page=65

peanut gallery · #**1349** Posted **Oct 9, 2008, 6:32 PM**

I had forgotten you posted those before. Your friend has spectacular views. Thanks!

peanut gallery · #**1350** Posted **Oct 24, 2008, 4:40 AM**

Now, we can see the main design feature on the townhouses:

BTinSF · #**1351** Posted **Oct 24, 2008, 5:41 AM**

They can say what they will but that building just looks half-baked (i.e. half-finished) until they build the second tower.

But wow. The sale of the Argenta as a rental building is pretty ominous for any new condo development.

viewguysf · #**1352** Posted **Oct 24, 2008, 5:58 AM**

Quote:

Originally Posted by BTinSF

They can say what they will but that building just looks half-baked (i.e. half-finished) until they build the second tower.

But wow. The sale of the Argenta as a rental building is pretty ominous for any new condo development.

I agree with you on both counts BT. While enjoying this beautiful night on my deck, I couldn't help thinking that ORH looks stark standing there by itself--it needs a mate! It is cool that the tower's individual windows finally have so many lights in them as it becomes further occupied.

WildCowboy · #**1353** Posted **Oct 29, 2008, 2:12 AM**

Tower 2 is on hold.

Quote:

CBS 5 has confirmed with the developers of the huge Rincon Hill condo that the 2nd tower planned for the site has been cancelled, at least for now.

The 49-story tower was to have had 312 condos for sale. The developer has now decided to wait to sell-out the remaining 30 percent of Tower One that is still vacant.

"I think its the end of the boom, you know its the end of the historic spree in San Francisco, and nothing is going to be built in the next three years, probably," said J.K. Dineen of the S.F. Business Times, who cited financing is the primary hurdle to further construction.

nequidnimis · #**1354** Posted **Oct 29, 2008, 6:00 PM**

Quote:

Originally Posted by BTinSF

I think it's premature to conclude the second Rincon tower won't move forward. (...) By the way, the lender for the second tower doesn't seem to be reneging on commitments: http://www.ullico.com/b/pdfs/LetterToStakeholders.pdf

I have a bridge for you...

peanut gallery · #**1355** Posted **Oct 29, 2008, 6:11 PM**

I'm not even a tiny bit surprised.

viewguysf · #**1356** Posted **Oct 30, 2008, 6:20 AM**

Quote:

Originally Posted by peanut gallery

I will remain skeptical, but will keep it to myself. I've beat this horse enough. Besides, this town ain't big enough for two doom-and-gloomers.

Well, it had better be now.

I can look back at postings in various threads over a year ago and remember thinking that many of you were overly wishful about so many projects. I never expected 45 Lansing (much less many other projects) to start, even if they were for the very wealthy. I said nothing then because I didn't want to be pictured as Mr. Doom and Gloom, but I always thought that my feelings were correct.

Please don't confuse me as a negative guy though because I usually have quite a positive outlook on life. It's just that we weren't always being very realistic in light of the national and global financial situation, even long before the current debacle in which we find ourselves.

BTinSF · #**1357** Posted **Oct 30, 2008, 6:58 AM**

Quote:

Originally Posted by nequidnimis

Originally Posted by BTinSF
"I think it's premature to conclude the second Rincon tower won't move forward. (...) By the way, the lender for the second tower doesn't seem to be reneging on commitments: http://www.ullico.com/b/pdfs/LetterToStakeholders.pdf"

I have a bridge for you...

You are such an ignorant snit sometimes. As a matter of fact, at the time I wrote that some time ago, it was WAY premature just as I said. It was also true--and remains true apparently--that the lender has not renegged. What has happened is that the developer has simply decided to sell out Tower 1 before proceeding with Tower 2, a very rational business decision at this time.

To quote Curbed,

Quote:

RINCON HILL—Fun with semantics! Rincon Hill wants YOU to know that "suspended" and "canceled" do not necessarily go hand-in-hand. Our reading comprehension just happened to be in fine working order this morning, which is why we reported it as such. Others have not, however, and so we'll do our part to deliver the PSA. Repeat: the construction of Rincon Hill's second tower has not been canceled. Enough shit has hit the fan today as it stands, so let's get this one thing right people, shall we?

Source: http://sf.curbed.com/

Clearly, if the project isn't cancelled, the financing remains intact.

Why don't you try contributing useful information occasionally rather than playing a bizarre game of gotcha whenever you see an opening?

BTinSF · #**1358** Posted **Oct 30, 2008, 7:03 AM**

Quote:

Originally Posted by viewguysf

we weren't always being very realistic in light of the national and global financial situation, even long before the current debacle in which we find ourselves.

The national and global financial situation has not been static. It has gotten rapidly, progressively and dramatically worse rather rapidly catching some of America's top executives and financial experts by surprise. To the extent that it has similarly caught any of us, that is nothing to be embarrassed about.

nequidnimis · #**1359** Posted **Oct 30, 2008, 4:48 PM**

Construction of the second tower is not moving forward due to a softening of the residential real estate market that has been evident for months, even in San Francisco. As to the press release about solid financing in place, it is lthe kind every financial institution on the brink of collapse, starting with Fannie Mae, has put out in its final days.

PS: Sorry to be negative. I like the new high-rises on Mission (open or in project), and the Infinity, but as you know I find ORH dull, and I react to the developer's setbacks accordingly.

viewguysf · #**1360** Posted **Oct 31, 2008, 4:41 AM**

Quote:

Originally Posted by BTinSF

The national and global financial situation has not been static. It has gotten rapidly, progressively and dramatically worse rather rapidly catching some of America's top executives and financial experts by surprise. To the extent that it has similarly caught any of us, that is nothing to be embarrassed about.

I don't disagree with you, but I also think that we have been on a downward slide for well over a year. There are also only so many luxury condos that can be sold, even in San Francisco, especially considering the glut of properties in so many overbuilt cities around the country. Yes, I know that we're special, but my perception of reality and a gut feeling kept telling me that things were not pointed in a good direction and that another downturn was coming. I anticipated that construction would basically stop here as it has done before and did not expect ORH II to be started anytime soon. Fortunately, I pulled all of my investments out of the stock market at that time. In some perverse way, 45 Lansing, Crescent Heights, 375 Fremont and other proposed projects contributed to saving me a substantial amount of money. Does it please me that our building boom has ground to a halt though? No! It was a great ride in several waves that lasted longer than one would have thought.