The sale of land that is expected to eventually house one of the largest skyscrapers on the West Coast could be completed in the next few days, transferring hundreds of millions of dollars for development around the future Transbay Transit Center.
The Transbay Joint Powers Authority, a collective of government and transit agencies, currently owns the land near First and Mission streets. The deal to sell it for $185 million to developers Boston Properties and Hines is expected shortly, as the two sides are working through the final paperwork, authority spokesman Adam Alberti said Wednesday.
The total check written to the authority is expected to be closer to $192 million because of interest, Alberti said.
Money from the sale is slated to go toward helping The City fund the future projects to bring high-speed rail and Caltrain to the new terminal. The old transit center closed in August 2010, and work has been under way since to build the new hub.
Once the transaction is complete, the developers are expected to break ground on the 1,070-foot metal-and-glass-facade Transit Tower. A start date is pending. Plans for the structure, which was designed by architects Pelli Clarke Pelli, call for a 61-floor building that will have 1.4 million square feet of floor space. More than 10,000 square feet of retail space and 1.37 million square feet of office space also are planned.
The new tower will be connected to the future City Park, a slice of open space that will be located atop the new transit center.