A 420-foot, 40-story residential tower at the intersection of Market Street, Oak Street, and Van Ness, dubbed One Oak, in planning since 2014, apparently doesn't "pencil" in the parlance of developers, and its entitlements are now up for grabs.
The likelihood of this thing getting built with the handsome design by Norwegian firm Snøhetta — who also designed the SFMOMA addition and the Chase Center — is seeming slim at this point. As Socketsite reports, the project's entitlements from the Planning Department are set to expire in June, and so the developer is seeking an extension on them to June 15, 2022.
The developer, BUILD Inc., has been trying to sell the project off because, according to Socketsite commenters, the project doesn't pencil once you factor in the city's demand that the developer fund 94 affordable-housing units on nearby parcels along Octavia Boulevard. It's unclear what the reasons are, but the 319-unit tower project remains delayed and BUILD probably won't be the developer when all is said and done.
Combined with falling condo prices and rising construction costs in San Francisco, the inclusionary requirements may just the final straw here.
Some will say the last thing SF needs is more luxury condos, so good riddance. But construction on the other three corners of that up-zoned intersection at Van Ness Market is either moving forward or, in one case, nearly complete, so many will be disappointed if this architecturally pretty specimen never gets off the ground.
You'll recall, though, that Snøhetta's first rendering was the object of ridicule because that cut-out at the 27th floor looked a lot like a mouth. In the revised design, not as much.