With the sale of the unfinished Oceanwide Plaza site in Los Angeles recently approved by a bankruptcy court, another project left in limbo by China-based Oceanwide Holdings’ collapse is gaining renewed momentum. The San Francisco Recovery Fund has hired BXP as a development advisor on plans to build a 910-foot mixed-use tower, the San Francisco Business Times reported.
The fund purchased the Oceanwide development site at First and Mission, on which construction stalled in 2020, earlier this year. The nation’s largest publicly traded developer, BXP brings the developing horsepower and expertise to help bring the project to fruition, Dan Kingsley, co-founder of the Recovery Fund, told the Business Times.
“As the largest commercial landlord in San Francisco and also the developer of the tallest building in San Francisco, we felt that [BXP] had unique insight into this market and what it would take to turn our concept for the First and Mission site into an actual development and occupied building,” Kingsley said.
Pictured: The original design for Oceanwide Center.
