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BXP Signs On As Adviser For Downtown Oceanwide Development Site
['Rob Sabo', 'San Francisco Bay Area']
Bisnow Content Feed
San Francisco Recovery Fund hired Boston developer BXP Inc. to jump-start the Oceanwide development at First and Mission streets, the San Francisco Business Times reported.
BXP, which co-developed the nearby 61-story Salesforce Tower in 2018, was hired as development adviser on the stalled site.
With its wide swaths of street-level concrete foundations, exposed rebar and hulks of rusting structural steel, the unfinished Oceanwide development site has been an eyesore for years.
Oceanwide Holdings acquired the development site in 2015 for $296M and began construction on two towers as part of a 2M SF mixed-used development a year later.
SFRF purchased the site from Haitong for $60M, although the fund had to pay multiple liens levied against the development site by a slew of former contractors associated with the original development.