Proposed Developments Headline Bay Area Real Estate
- Jul 20, 2011
An ongoing dispute between the city of San Francisco and the California Pacific Medical Center regarding $2 billion in upcoming healthcare-sector projects is nearing its apex, the San Francisco Business Times reports. The two proposals are a brand-new, $1.7 billion hospital in Cathedral Hill and what is termed a “rebuild” of St. Luke’s Hospital, which is valued at around $270 million. The element of conflict was a letter California Pacific sent to Mayor Ed Lee.
The company is seeking approvals from the city, but the letter set some very specific terms relating to financing, management and market performance under which the company would be willing to move forward with its hospitals, according to the Times, which was sent a copy of the letter. The situation will certainly slow down construction of the two medical facilities, as support from the city in the matter will most likely be dimmed.
Another large city versus private sector dispute came to an end this past week, according to MercuryNews.com. Former quarterback Joe Montana outplayed the Santa Clara City Council and obtained a lease on land owned by the city near the site of the new 49ers stadium project. The lot the former star player landed will be the site of a new luxury hotel, which in the opinion of council members would constitute a plus in marketing for the area, seeing as the quarterback has quite a history with the Bay Area football team.
Counter arguments were made regarding the fact that the land should be used for construction staging instead. Those arguments obviously did not stand, and the project is now a go. Montana hopes to finish his project by 2015, so it can coincide and link with the opening of the new stadium.