Work on the largest skyscraper to break ground in San Francisco since the start of the pandemic has stopped for a second time this year, with developer Lendlease citing market conditions. A spokesperson for Lendlease told the San Francisco Business Times that the $1.15-billion project, known as Hayes Point, had been paused “until markets normalize and we’re able to bring in early tenancy commitments, or capital partners, or both.” 

The 47-story project at 30 Van Ness Ave. has been approved for 333 residential condominiums along with 290,000 square feet of office and retail space. Construction launched last summer, only to stop in February as Lendlease ironed out permitting issues with Bay Area Rapid Transit. 

The spokesperson told the Business Times, “We will monitor the markets while exploring options for a potential re-start in 2024.” Hayes Point is reportedly the developer’s largest current U.S. project. 

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.