More than 2,000 homes are approved to rise at San Francisco's Pier 70, but the project has hit a wall due to an unprecedented market.
The Port of San Francisco says it is working with Pier 70 developer Brookfield Properties to explore “The New York developer earlier this year completed one project along with first phase infrastructure and road work before halting construction, citing market conditions.did not elaborate on what modifications are being considered, but said the Port does not anticipate any"material amendments to the project documents.
A Brookfield spokesman confirmed that the company is collaborating with the Port on the"best approach for the project to succeed," calling the market conditions of the last three years"unprecedented." She said the Port and developer are"meeting frequently" to check market indicators to understand when the appraisal process could be restarted.We are confident that we will see progress in the next year despite the challenging development environment, and we can always pivot to initiate a reappraisal if we feel that is the best path forward," Benassini said in an email.
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