"Oceanwide Center, with a shiny glass tower designed by London-based Foster + Partners the firm of Sir Norman Foster who also designed Union Square's Apple Store, and Apple's spaceship campus in Cupertino was set to become one of the first major projects in SF by a Chinese developer and one of the city's tallest towers when it first took shape a decade ago."
"As things in the Chinese real estate market started entering shaky territory in 2019, the developer, Oceanwide Holdings, sought to exit the US market in a hurry, and almost sold the already under-construction tower in January 2020 to another Beijing-based investor, SPF Capital International, for a reported $1 billion. That sale fell through a pandemic might have had something to do with it and it would be just a matter of months before construction halted on the project,"
Oceanwide Center is a stalled 61-story project at First and Mission streets in San Francisco, initially broken ground by a Chinese developer in 2016 and halted by mid-2020. The project features a Foster + Partners-designed glass tower that was intended to be among the city's tallest. Financial strains in the Chinese real estate market led Oceanwide Holdings to seek a quick exit and a near-sale in January 2020 that failed. Construction stopped and the site remained dormant for five years. Oceanwide surrendered the property to creditors after missed loan payments, triggering foreclosure. Retired developer Dan Kingsley and investor Jay Yang are now in contract to acquire the site, with negotiations ongoing and no public redevelopment plans revealed.
Read at sfist.com
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