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Old Posted Oct 22, 2008, 12:15 AM
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Join Date: Apr 2007
Location: Marin
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According to the SF Business Times, Mission Bay won't be seeing much new residential building anytime soon:

Quote:
Mission Bay housing construction slows to a crawl
San Francisco Business Times - by J.K. Dineen
Friday, October 17, 2008


The national housing crash is finally dragging down high-flying Mission Bay.

Over the past five years, new blocks of apartments and condos have sprouted up at a mind-boggling clip along Mission Bay’s Berry and King streets: 2,964 units were built, creating a new neighborhood seemingly overnight.

But while 3,090 more units are approved to be built across Mission Creek in Mission Bay South, the domestic housing slump and global financial panic is starting to take its toll. In September, the Business Times reported that Bosa Development, the largest residential property owner in Mission Bay, had suspended work on the 318-unit second phase of the Radiance because the developer’s lenders wanted to see 75 percent of the 99-unit Phase I sold before construction on part two resumes. While Bosa hopes to start construction up again in the spring of 2009, a prolonged recession could delay that date as well as push back all of the 1,700 units the developer plans for the area.

“I think Mission Bay is further along than anyone imagined it would be, but I would not be surprised if there is a couple of years where not a whole lot happens,” said Don Little, senior vice president of Opus West Corp., which recently sold the last unit of its 110-unit Park Terrace. “Bosa has a great opportunity — they are just going to have to wait for the next cycle.”
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