After years of delays, the second tower at the One Rincon Hill development in SoMa is set to start construction this summer. At 50 stories tall and less than 300 units, the new tower will annoy homeowners who paid a premium for Bay views in the original One Rincon tower, but the two glimmering high rises will share a 3,600 square foot fitness center and a 4,000 square foot roof deck that will surely make them the envy of every Bay Bridge-commuting downtown exec for years to come.
Des Moines, Iowa-based Principal Global Investors rescued the development from recession purgatory when they purchased the property for $29.75 million earlier this month. According to the real estate watchers at Curbed, we can expect the tower to start renting out units when it opens sometime in late 2014. Although it's being built as condos, don't expect those units to go up for sale right away.
