The land at the heart of the future Transbay Tower was sold Friday, according to people involved in the transaction.
On Friday, the Transbay Joint Powers Authority and developers signed the paperwork to complete the $185 million sale, according to authority Executive Director Maria Ayerdi-Kaplan.
The sale of the property near First and Mission streets was expected to bring in close to $192 million including interest. Read More
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. Read More
The developer of the 1,070-foot Transit Tower, which will be the tallest skyscraper on the West Coast, secured a partnership with a financial partner and is expected to purchase the land for the building in early 2013.
The tower is one of the centerpieces of the Transit Center District Plan, which will redevelop the area around the new Transbay Transit Center being rebuilt at First and Mission streets in South of Market. The transit hub will eventually house a station for Caltrain and high-speed rail, and it will be a regional connection for bus systems.