Developer Crescent Heights has walked away from a residential high-rise project in San Francisco’s Transbay District a month after purchasing the development parcel for $165 million. The reason, the Miami-based firm is unable to comply with the project’s agreed upon affordable housing component.
- Does a 35 percent affordable requirement make a project unfeasible for most conventional/market-rate developers?
- The project site is the last parcel in the city approved for a more than 550-foot tall building.
- By this time next year all residential developers in SF may have to set aside a third of a project's units as below market rate.