Crescent Heights Ditches $165M Downtown S.F. Development

Residential developer Crescent Heights has backed out of a $165-million San Francisco development that was zoned for a  750-foot skyscraper with luxury apartment units, one of the last remaining sites in downtown San Francisco zoned for a tower of that size.

Crescent Heights had originally planned to build 35 percent of the apartments to be below market rate, and over the recent weeks, Crescent Heights inquired if they could build these units off-site of Parcel F, but were told they must stay within the Transbay area.

After missing the deadline to deposit $10 million to the city for the property in recent weeks, the developer decided that it would not be worthwhile to move ahead with the project and parted ways with the Transbay Joint Powers Authority (TJPA).