Rising Construction Costs Moves Market-Rate Housing Project To 2nd Bidder
San Francisco-based Build Inc. has pulled out of a $10M land deal for a key Bayview housing site.
The developer had a deal in place to build a market rate apartment building of up to 200 units on the Hunters View public housing site. The deal for the land failed to close partially due to a rise in construction costs, the San Francisco Business Times reports. The land at Hunters View is owned by the San Francisco Housing Authority, which also wanted the developer to line up complete financing before completing the purchase agreement for the unentitled site.
Build Inc. has several high-profile residential projects planned for the area, including a planned urban village for the India Basin neighborhood. Potential development of the Hunters View site will now fall to City Ventures, which had the second-highest bid at $9.9M. [SFBT]
