Millennium Tower is tilting, sinking
By Brock Keeling : sf.curbed – excerpt
Breaking news from Yerba Buena could turn into one of the most costly battles in San Francisco real estate history
The Millennium Tower, located in Yerba Buena next to the Transbay and Salesforce Tower constructions, is a symbol of the new San Francisco wealth. The tony high-rise, currently offering the most expensive one-bedroom in the city, houses such luminaries as Hunter Pence, Joe Montana, and a slew of tech brethren.
The building is also sinking.
That is the word from Matier & Ross. Rumors of the structure’s slow sinkage have been swirling over the last few months, but today the Chronicle has confirmed that the sleek, lauded building isn’t what it’s cracked up to be.
P.J. Johnston, a spokesperson for Millennium Partners, lays blame on Transbay construction, telling Matier and Ross, “They built a half-mile tunnel 60 feet underground and next to our building, and they were supposed to (protect the Millennium) — and they didn’t.”…
This could be one of the most pricey battles in San Francisco real estate history. Curbed SF will update as soon we know more…(more)
Good. Let’s let the billionaires fight each other for a change instead of us. Or, maybe the taxpayers should join if this is true: “The Transbay Joint Powers Authority reportedly spent more than $58 million building “an underground buttressing system to shore up the Millennium before beginning excavation in 2010,” hence why the new transit center’s costs are reaching upward of $2.4 billion.”
Revolt of the NIMBYs (in LA)…If approved by the voters in November, the Neighborhood Integrity Initiative will require the City to update its General Plan and its 35 Community Plans, eliminating the practice of “up zoning” individual projects that result in massive profits for the developers. For example, the New York City developers of the Millennium Hollywood are expected to increase the value of their project by well over $100 million as a result of the doubling of the density, thanks to the efforts of Eric Garcetti and Mitch O’Farrell…The Neighborhood Integrity Initiative will also make the City responsible for the environmental reviews and impact statements, not the developers as is often the practice, and place a 24 month moratorium on projects that have benefitted from the unsavory practice of “spot zoning.”… (more)