Groundbreaking begins today on the long-delayed second tower at One Rincon Hill, originally set to be built just as the financial crisis began. The new, shorter tower will hopefully make the much maligned existing tower look like less of a middle finger aimed at all of us, and it will thereby live down its nickname.
The new tower will rise to 52 stories next to the existing 64-story tower, and it will contain another 299 units, mapped for condos but planned as of now as rental units. (The developer has the option to make them condos if the for-sale market continues to improve before the scheduled completion in summer 2014). The developer, Principal Real Estate Investors and Urban Pacific Investors, must have had some success in selling the remaining penthouse units in the tower, following that little marketing push in June timed perhaps before buyers could figure out what a loud, construction-y mess their backyard was going to be for the next couple of years. But the Business Times says there are still "about a dozen" units available at the top of the tower, which are listed between $1.8 and $2.6 million.
The new tower will also have a few new amenities, including a 3,600-square-foot gym, and a penthouse "Sky Lounge" on the 49th floor.