Crews broke ground Monday on a new high-rise building at One Rincon Hill in San Francisco’s South of Market neighborhood, a companion to the taller tower already at the site.
The new, 52-floor north tower at First and Harrison streets will go alongside the 64-floor south tower, which its developers tout as the tallest residential building west of the Mississippi River.
The new 299-unit tower “will bring much needed housing to the San Francisco residential market, while at the same time, adding another high-quality real estate property to the fantastic city skyline,” Rod Vogel, managing director at Principal Real Estate, said in a statement.
Principal Real Estate is one of the developers of the tower, which is scheduled to open in the summer of 2014.
The north tower at One Rincon Hill opened in February 2008 and currently has more than 650 residents, according to the developers.
Because of a lack of below-market rate units at the new building, developers are paying a $15.1 million fee to the city, as well as more than $10 million in other fees.
Dan McMenamin, Bay City News
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