SAN FRANCISCO | Oceanwide Center | 910 & 636 FT | 61 & 54 Floors | ON HOLD - Page 51

38R · #**1001** Posted **Jan 26, 2020, 7:21 PM**

So what's the name gonna change to?

Pedestrian · #**1002** Posted **Feb 4, 2020, 3:02 PM**

Quote:

Some Chinese owners, strapped for cash, feel compelled to make full or partial sales of their projects. China’s Oceanwide Holdings last month said it has sold its San Francisco condo and office project for a loss of 1.9 billion Chinese yuan ($274 million).

“The cost and difficulty of development and operations has risen sharply, putting a strain on the company’s overall operations,” the Beijing-based company said in a filing. “The sale is also in line with the country’s [China’s] latest policy guidance.”

https://www.wsj.com/articles/chinese...=hp_listb_pos1

Zapatan · #**1003** Posted **Feb 8, 2020, 11:11 PM**

So if they sold it, what's the fate of the project? Would whoever buys the site just continue with the current foundation?

Sorry if it's a dumb question, not an expert on these things.

MyCitySFO · #**1004** Posted **Feb 9, 2020, 2:29 PM**

Zapatan, i was thinking the same thing. Why would anyone spend that much money to purchase the property and then let it sit unfinished? I am sure someone on this forum might have some insight. Or, we will all have to wait and see. For sure will be monitoring this forum and WSJ/Bizjournal/Socketsite/CurbedSF for updates.

minesweeper · #**1005** Posted **Feb 13, 2020, 4:21 PM**

Concrete was being poured mid-day yesterday, Feb. 12:

Based on the last update (mid-January) it must be related to this:

Quote:

We will continue to work on site in the early morning hours as we pour the basement walls and floor slabs for the First St. tower. Concrete placement of suspended decks will be taking place from January 29, 2020 through late February starting at 2:00 am. Unfortunately, this is a 24-hour-a-day operation as this type of foundation requires large monolithic concrete pours to ensure structural integrity.

Pedestrian · #**1006** Posted **Feb 13, 2020, 7:07 PM**

Quote:

Originally Posted by Zapatan

So if they sold it, what's the fate of the project? Would whoever buys the site just continue with the current foundation?

Sorry if it's a dumb question, not an expert on these things.

Do you guys not read anybody else's posts?

We are past the "if they sold it" stage. They sold it on Jan 21:

Quote:

Oceanwide Holdings, based in Beijing, agreed to transfer the Oceanwide Center construction site to SPF Capital International Limited, an asset management company also based in Beijing. The San Francisco Chronicle first reported on the agreement, which was signed on Jan. 21.

https://www.bizjournals.com/sanfranc..._news_headline

As since construction is continuing now, almost a month later, I think you have the answer to that question as well although it bears saying that under San Francisco's Byzantine approval rules, it would be crazy to try to make a substantial change in a project like this at this point. It would delay the project for years and cost many millions of dollars in higher construction costs and other costs. Even 550 Mission, which sat as an empty hole for several years, was eventually built using the same (approved) design.

Zapatan · #**1007** Posted **Feb 13, 2020, 8:01 PM**

I do, but I missed that, good to know it'll likely continue as planned.

Pedestrian · #**1008** Posted **Feb 18, 2020, 10:00 PM**

Just to keep the thread current:

Quote:

We will continue to work on site in the early morning hours as we pour the basement walls and floor slabs for the First St. tower. Concrete placement of suspended decks will be taking place from February 18, 2020 through mid-March starting at 2:00 am. This activity involves night work because this type of foundation requires large monolithic concrete pours to ensure structural integrity.

https://swinertonwebcor.com/updates/

Wish I knew exactly what a "suspended deck" in this context was. But I suppose the point is that work is continuing apace.

timbad · #**1009** Posted **Feb 27, 2020, 6:43 AM**

from this last weekend

bloobityblurp · #**1010** Posted **Mar 5, 2020, 12:13 AM**

Quote:

Oceanwide and the buyer, an affiliate of Beijing-based asset manager SPF Group, have agreed to postpone the completion of due diligence and the delivery of Oceanwide Center by a month amid a coronavirus-related slowdown, the company announced Thursday.

https://therealdeal.com/2020/02/27/s...y-coronavirus/

Pedestrian · #**1011** Posted **Mar 5, 2020, 12:26 AM**

^^

Quote:

Oceanwide Center sale delayed, with coronavirus outbreak cited
By Laura Waxmann – Real Estate Reporter, San Francisco Business Times
2 hours ago

A February 19 deadline in the sale of the massive Oceanwide Center in San Francisco has been extended to March 25, with the companies citing the coronavirus outbreak for the delay.

In a notice posted to the Shenzhen Stock Exchange last week, owner Oceanwide Holdings said that “due to a new coronavirus-infected pneumonia epidemic, due diligence in his transaction has been delayed.” Both Oceanwide and SPF Capital International Limited, the buyer, are based in China, where the outbreak began.

The seller and buyer mutually agreed on Feb. 26 to push back the end of the due diligence period, according to the filing. The Real Deal first reported on the delay last week.

However, a source with knowledge of the deal tells me that more than the coronavirus outbreak may be involved in the delay. As of late last month, SPF was short $200 million needed to complete the deal, the source said. The March 5 deadline to finalize the deal has also been moved back to March 31.

Oceanwide Holdings, a conglomerate based in Beijing, did not immediately respond to a request for comment . . . .

https://www.bizjournals.com/sanfranc...tVbTdYdjMwOCJ9

I'm calling this news grim. If the buyer can't finance the deal, they are likely to try to cut corners and institute delays even if they manage to close it.

coyotetrickster · #**1012** Posted **Mar 5, 2020, 1:10 AM**

Quote:

Originally Posted by Pedestrian

^^

https://www.bizjournals.com/sanfranc...tVbTdYdjMwOCJ9

I'm calling this news grim. If the buyer can't finance the deal, they are likely to try to cut corners and institute delays even if they manage to close it.

Oceanwide is already selling at a loss. Somebody will circle like vultures and and may pick it up for even less. Evidently the $200 million is part of the costt to keep construction going

Pedestrian · #**1013** Posted **Mar 5, 2020, 6:37 AM**

Quote:

Originally Posted by coyotetrickster

Oceanwide is already selling at a loss. Somebody will circle like vultures and and may pick it up for even less. Evidently the $200 million is part of the costt to keep construction going

That would be the best case scenario and yes, in a normal world I'd agree it would be likely. But in today's world, I wonder about the politics of a Chinese firm selling to a non-Chinese one, Chinese restrictions on capital outflows and foreign investment (which could restrict another Chinese buyer) and so on.

Iceman12 · #**1014** Posted **Mar 17, 2020, 4:53 PM**

March 13 update:

https://swinertonwebcor.com/updates/

mizago · #**1015** Posted **Mar 18, 2020, 4:57 AM**

Seems like work is progressing to keep the project moving, alas at a much slower pace...

viewguysf · #**1016** Posted **Mar 18, 2020, 7:26 PM**

I think we’ll see much construction slowing to a snail’s pace or worse now. Planned projects will also most likely be shelved during this global recession.

viewguysf · #**1017** Posted **Mar 18, 2020, 7:27 PM**

Quote:

Originally Posted by Iceman12

March 13 update:

https://swinertonwebcor.com/updates/

They no longer have to do the work at night to avoid disrupting traffic.

timbad · #**1018** Posted **Mar 22, 2020, 10:56 AM**

gillynova · #**1019** Posted **Mar 22, 2020, 7:11 PM**

I want this to go vertical already...

fimiak · #**1020** Posted **Mar 24, 2020, 5:55 PM**

I can confirm that at least two cranes are working today.