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| Oceanwide Center |
The Oceanwide Center is a 61-story mixed-use skyscraper complex (made of 2 towers) under development in San Francisco. The tower pictured, with the triangles on it, is supposed to be 910 ft (280 m) tall, which would make it the second-tallest building in San Francisco, after the Salesforce Tower, which is 1070 ft (326 m).
Cool huh? Not so fast. The project broke ground in 2016, and was originally supposed to be completed in 2021, then delayed until 2023. The second tower, which was supposed to be 605 ft, has been cancelled ("suspended indefinitely"). I can't find a current picture of the site, but apparently some work has been done. Work on it was delayed for some reason and stopped in late 2019. The project was behind schedule and over budget, and the owner apparently ran out of money. With the pandemic, the demand for commercial space has disappeared, and the project is no longer commercially viable.
The owner, Oceanwide Holdings, a Chinese company, reached a deal in January 2020 to sell it to another Chinese company (SPF Capital) for $1 billion, subject to due diligence. However, the sale still has not been finalized. Another article says that SPF Capital backed out of the deal and another Chinese buyer, Hony Capital, wants to buy it for $1.2 billion ($700 million in cash and the remaining $500 million dependent on future performance of the project). Now Hony Capital is postponing the deal until November 30th.
Meanwhile, the project sits abandoned, at least for now. Chinese projects don't necessarily have to be profitable and they may see a skyscraper as an asset, even if no one wants to lease space there. So there is hope yet that the project will be completed. But for now, it's an eyesore in the middle of downtown San Francisco.
There is also a failed Oceanwide project in downtown Los Angeles where no work has been done since January 2019.
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