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Beijing-based developer Oceanwide Holdings has halted work on the shorter tower of San Francisco's Oceanwide Center project, citing rising construction costs. The San Francisco Chronicle says the 277-metre-tall office and condominium tower will continue construction and open in 2023, roughly two years later than initial estimates.
In a released statement, Oceanwide points to a construction labour shortage and new U.S. tariffs on building materials as contributing factors to the project's work stoppage. "In light of local market changes and economic uncertainties, Oceanwide has determined that a realignment of the work scope on the Oceanwide Center project is necessary to keep the project sustainable," reads the statement.
Oceanwide Tower 2, located at 512 Mission Street, is expected to soar 184 metres above the city's Transbay district and contain 156 condos and a Waldorf-Astoria hotel. The stalled tower features a rectilinear design by Foster + Partners and Heller Manus Architects, while the taller building in the complex adopts a prismatic form.
Oceanwide purchased the project property in 2015 for $296 million, beginning construction one year later.
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