SAN FRANCISCO | One Rincon (Tower One) | 641 FT / 195 M | 60 FLOORS - Page 67

Downtown Dave · #**1321** Posted **Aug 27, 2008, 11:24 PM**

Forms update:

The Bridge Wall is still sitting in the staging area:

Townhouse:

peanut gallery · #**1322** Posted **Aug 28, 2008, 4:08 AM**

I'm now thinking that was a test, or maybe a sample to get someone's approval because it's clear they are going to pour the wall in place.

BTinSF · #**1323** Posted **Aug 28, 2008, 4:12 AM**

No sign of anything connected with the second tower, I assume?

Downtown Dave · #**1324** Posted **Aug 28, 2008, 4:13 AM**

Nothing.

peanut gallery · #**1325** Posted **Aug 28, 2008, 4:17 AM**

...other than the scaffolding they've erected in front of that wall. My thoughts on that matter here.

Downtown Dave · #**1326** Posted **Sep 3, 2008, 9:42 PM**

Working on the forms:

Looking at the forms piled up in the staging area, I think it is clear that they have the Bay Bridge shape built into them, and so we should see the bridge shape as above when the forms are removed.

peanut gallery · #**1327** Posted **Sep 4, 2008, 4:19 AM**

Good eye, Dave. I noticed that stack, but didn't look closely enough to realize what they were.

peanut gallery · #**1328** Posted **Sep 16, 2008, 2:41 AM**

Lots of dirt being lifted to the patio area above the townhouses:

Maybe this is where some of those trees that were staged out front will end up.

peanut gallery · #**1329** Posted **Sep 27, 2008, 5:09 AM**

The townhouses are really shaping up now:

But the second tower isn't looking like it's going to start anytime in the foreseeable future. As I feared, they covered this wall to give it a more finished look. I don't know why they would bother painting this concrete wall where the second tower will connect to the townhouses unless they know they aren't going to be building it for quite some time. How long? I can only guess.

harsh · #**1330** Posted **Sep 29, 2008, 5:12 AM**

I dont want to say it...but I really feel that North Tower may not be built. The bad state of the economy will be the culprit

This does not mean I have lost hope, there is still a chance

peanut gallery · #**1331** Posted **Sep 29, 2008, 5:27 AM**

It might take years, but I think it will get built someday.

Downtown Dave · #**1332** Posted **Oct 6, 2008, 9:04 PM**

Somehow this looks to be something they always intended to do, anyway:

Forms Progress:

New neighbor:

SFView · #**1333** Posted **Oct 7, 2008, 12:45 AM**

It still says this...

Quote:

The groundbreaking ceremony for Phase II, a second tower to be built at the corner of Harrison St. and Fremont St., will be scheduled soon after the selection of the general contractor this summer (2008), with pre-sales in 2009.

...here: http://www.onerinconhill.com/newslet...g2008.asp#next

Has anyone heard any official news otherwise?

Anyway, I think Dave is right. That end wall is meant to be finished off that way no matter what, especially since the second tower is being bid and constructed as a separated building project phase. If they need to break through the end wall for any connections, that could be done later.

peanut gallery · #**1334** Posted **Oct 7, 2008, 4:03 AM**

I disagree, at least partially. The wall was meant to be there all along, sure, but the second tower will be built right up to it. You can see several openings that were built, then covered with cinder block filler. There are five levels (four of which are visible) of these along the far left side of this shot (there is also one larger one just to the right of center, near ground level):

It seems clear that they were going to build the second tower then knock these cinder block areas out, opening the tower to the common areas in the townhouse building. But until then, covering them makes sense, so current residents can enjoy those common spaces without being exposed to the second tower's construction.

But here's the thing: if they were going to build the second tower anytime soon, certainly within the timeframe of that old quote, why would they bother painting over this wall? It will have a tower connected to it and never be seen. Further, they could have painted over it long ago, but didn't until just a few weeks ago. It sat for months uncovered and unpainted.

Personally, I don't think they ever planned to paint it like this. They were going to leave it a concrete wall and build the second tower against it. But then I think they realized the housing market was tanking and decided to put off adding even more units to a development that is already having trouble selling what they have. That's when they decided to paint this to match the mechanical venting on the far left side, so it won't look so bad while it sits waiting for the market to come back around so they can build the second tower.

Just my opinion, of course, but I just can't see why they'd bother painting this wall that will never see the light of day once the second tower is built unless they expect it will be visible for much longer than originally planned. Like I said, I still expect it will get built. But I think it's going to be a long wait.

Reminiscence · #**1335** Posted **Oct 7, 2008, 7:09 AM**

I'm a little confused behind the motives of 45 Lansing and now Tower Two of ORH. I would think that 45 Lansing is proceding ahead with plans because they think the market will be better in two years time, around the time that project will be finished (hopefully). If that was the case, how come ORH does not do the same and have the units available by the time the market comes back online?

SFView · #**1336** Posted **Oct 7, 2008, 4:33 PM**

Quote:

Originally Posted by peanut gallery

I disagree, at least partially..., why would they bother painting over this wall?...I just can't see why they'd bother painting this wall that will never see the light of day once the second tower is built unless they expect it will be visible for much longer than originally planned...

Okay...yes, in regards to the paint I really don't know. Perhaps you may be right. The dark paint may be a hint of a potential delay longer than originally intended. With the current downturn of the economy, you may have a point.

BTinSF · #**1337** Posted **Oct 7, 2008, 4:39 PM**

Quote:

Originally Posted by Reminiscence

I'm a little confused behind the motives of 45 Lansing and now Tower Two of ORH. I would think that 45 Lansing is proceding ahead with plans because they think the market will be better in two years time, around the time that project will be finished (hopefully). If that was the case, how come ORH does not do the same and have the units available by the time the market comes back online?

Every developer has a unique view of where the economy (and housing market) will be in a couple of years and every developer has a unique situation as far as access to funds.

I think it's premature to conclude the second Rincon tower won't move forward. Amidst all the negativity, there are positive things happening as well. For example, steel has gotten much cheaper and more available. I imagine contractor services have as well.

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

peanut gallery · #**1338** Posted **Oct 7, 2008, 4:43 PM**

I'm thinking that 45 Lansing is for a higher end target market that isn't as concerned with financing. I've read that most of their clients pay in cash, and we're talking multi-million dollar units. Plus, this will be Turnberry's first forray into SF. It's not like they are already sitting on an inventory of unsold units like Urban West.

And you know, I'm still not sure what's going on over there. They haven't done a (visible) thing on the construction/sales office, which was supposed to be complete by now. And beyond digging a couple of holes, the lot has been quiet. Time will tell, but right now it seems anything requiring financing is in a wait and see mode. Maybe the bailout will loosen up enough money to get some things moving again.

BTinSF · #**1339** Posted **Oct 7, 2008, 4:49 PM**

Quote:

Originally Posted by peanut gallery

Maybe the bailout will loosen up enough money to get some things moving again.

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

SFView · #**1340** Posted **Oct 7, 2008, 9:15 PM**

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