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No Crescent Heights for Parcel F?

Source: http://www.socketsite.com/archives/2...ict-tower.html

Developer Ditches Plans for 750-Foot Transbay District Tower

The debacle surrounding the City’s sale of Transbay Parcel F continues to grow as Crescent Heights, which had committed to paying $165 million for the parcel which is zoned for development up to 750-feet in height, failed to make a required $10 million deposit and has now backed out of the deal.

While the purchase agreement for the parcel had committed Crescent Heights to offering 35 percent of any residential units built on the site at below market rates, over the past two weeks Crescent had begun to inquire as to the feasibility of building the required affordable units off-site, according to the Chronicle. And when the City confirmed that the affordable units could be built off-site, but would still need to be built within the Transbay District, “Crescent Heights indicated they were unable to meet that requirement” and walked away.