Reporting by the San Francisco Business Times reveals that Oceanwide Holdings have paused construction for the much-anticipated Oceanwide Center at 50 1st Street in SoMa, San Francisco. While crews have recently completed the foundation, this announcement makes clear that the structure will not be rising soon. Once resumed, it becomes the second tallest building in Northern California and fourth tallest in the state.
The project expects to introduce to San Francisco’s skyline a unique architectural design by Foster + Partners in collaboration with Heller Manus Architects. Foster + Partners have a habit of making iconic skyline-altering designs, perhaps most famously with the Gherkin at 30 St Mary Axe in London. The firm has also been highly prolific in New York City. Heller Manus Architects have contributed significantly to San Francisco’s skyline, with the futuristic 181 Fremont, developed by Jay Paul Company.
The Business Times reporter Laura Waxmann shared the following statement from the developers, “we have decided to temporarily suspend vertical construction activities,” though going to say, “at present, we are pleased to share that the ground floor concrete structure has been successfully completed, concluding construction of the foundation structures. We are hopeful that full vertical construction will resume within 2-3 months.”
Oceanwide Holdings is also reportedly in talks to sell the development to Hony Capital, with a deadline of December 31st for the transaction to go through.
The proposed development in full would include two towers. Construction for the shorter tower was put on hold before this announcement. If complete, it will introduce a 625-foot mixed-use development with 154 residencies and 21 floors for the Waldorf Astoria Hotel into the city center. The taller of the two towers is poised to rise 910 feet, still short of the Salesforce Tower’s 1,070-foot height. It will produce 1.4 million square feet, to be split between office and residential use.
The Oceanwide Center developer is the same firm behind 80 South Street, slowly progressing toward construction in Lower Manhattan.