• RESAAS Blog Home
  • Meet the Team
  • resaas.com ›
Menu

RESAAS Blog

55 Water St
Vancouver, BC, V6B 1A1
(604) 558-2929

< to resaas

 

to resaas university >

RESAAS Blog

  • RESAAS Blog Home
  • Meet the Team
  • resaas.com ›

The Saga of San Francisco’s Millennium Towers Continues

October 5, 2016 Rachelle Brempong
Millennium-Towers-Article-Main-Image.jpg

“More than a place to live, this is a way to live” coins Millennium Towers’ website. Assuming a new way of life would be completely submerging oneself underwater. 

The Millennium Tower debacle keeps on rolling as more scandals surface about the structural integrity of one of San Francisco’s most promised, luxury buildings. 

The 58-story high rise luxury building housing over 400 multi-million dollar condos has now sunk 16 inches underground while tilting a full 2 inches and that’s only since the building was “completed” in 2009. 

Current sources are estimating the building to continue to sink an additional 14 inches bringing the high rise building down 30 inches within the next few years. 

It’s no surprise why a small group of building residents have filed a class-action lawsuit against building developers, Millennium Partners and Transbay Terminal developers, citing grave losses in property value. Notable NFL player resident, Joe Montana, is among the residents filing the class-action suit. 

Let’s take a step back to when the Millennium Towers were full of promise. 

Construction on the Millennium Tower began in 2005 with plans to build a sprawling, luxurious high rise building along San Francisco’s Eastern shoreline. 

Standing 645 feet, the Millennium Tower boasts amenities such as breath-taking Bay Area views, a movie screening room, an owner’s lounge, wine cellars, tasting rooms and concierge services. 

When word hit of the new building, over $100 million dollars of condos were sold after only five weeks of construction. 

With all of this promise, no one would have foreseen the issues that would soon begin to unravel. 

Who’s to blame here?

It seems to be a true “whodunit” between Millennium Tower developers, Transbay Terminal developers and the city of San Francisco. 

Shortly after the construction of the Millennium Tower had been completed, a new development for the Transbay Terminal began construction nearby. 

As part of the construction of the Transbay Terminal, a new development plan to replace the old downtown San Francisco transportation hub began where  a 60-foot hole was dug up for the train tunnels and underground buttress. 

Transbay Terminal developers needed to “dewater” the area to remove excess groundwater and surface water from the area. 

Millennium Partners founding partner, Chris Jeffries, explained that once water levels below the Millennium Tower began to drop, a compression of sand caused the building to settle. 

Now, here’s where things get a little sticky. 

This all took place in 2010, five years before the building began sinking. Leading the public to believe that issues were already starting to take shape long before residents were sold homes and most certainly before moving in. 

Could this all have been avoided?

If you’re asking San Francisco Supervisor, Aaron Peskins, he would say yes, this could have been avoided. 

According to reports, Aaron Peskins uncovered documents seven years ago that showed the city’s building inspection department had concerns about the sinking foundation prior to allowing residents to move in. 

What’s Next?

The city of San Francisco is currently in the process of investigating the situation more closely, unearthing the possibility of officials getting pressured into pushing the project to the finish line regardless of the structural integrity of the building. 
 
Time will tell what the investigation will show. 

The class-action suit launched by some of the building residents is still under investigation.

Rachelle Brempong is the Digital Content Coordinator at RESAAS. She likes things. Most things. But not everything, that's just greedy. Check out her RESAAS profile › 

You might also like to read:
Jul 4, 2017
Gain More Exposure for Your Listings with Listing Push on RealTimeMLS
Jul 4, 2017
Jul 4, 2017
Jun 28, 2017
Bernal Heights: San Francisco's Hottest Neighborhood
Jun 28, 2017
Jun 28, 2017
May 29, 2017
The 5 priciest houses in San Francisco’s priciest neighborhood
May 29, 2017
May 29, 2017
May 3, 2017
[NEWS]: Airbnb, San Francisco Reach Agreement Over Short-Term Rental Law
May 3, 2017
May 3, 2017
Apr 6, 2017
Where to Post Your Real Estate Listings Online
Apr 6, 2017
Apr 6, 2017
Apr 5, 2017
A REALTORS® Guide on How to Use Instagram for Real Estate
Apr 5, 2017
Apr 5, 2017
Mar 15, 2017
Two MLS's to Share Their Pre-market Listings with Technology Provided by RESAAS
Mar 15, 2017
Mar 15, 2017
Mar 8, 2017
Easy Steps for Real Estate Agents to Bring More 'Value' to Their Clients
Mar 8, 2017
Mar 8, 2017
Feb 22, 2017
The Top 5 Real Estate Groups To Join On LinkedIn
Feb 22, 2017
Feb 22, 2017
Jan 31, 2017
Have Listings Come To You with RESAAS' 'Buyer Need' Feature
Jan 31, 2017
Jan 31, 2017
In featured, san francisco Tags san francisco, featured
← How To Build A Powerful Real Estate SEO StrategyWhat Every Real Estate Agent Should Know About Email Marketing →
Summary Block
This is example content. Double-click here and select a page to feature its content. Learn more
Featured
Latest Article

  • April 2018
  • January 2018
  • December 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • October 2014
  • August 2014
  • June 2014
  • April 2014
  • February 2014
  • January 2014
  • November 2013

Privacy Policy  •  Terms of Use  •  Declaration of Principles  •  Corporate  •  Help  •  Contact Us 

©2016 RESAAS - The Real Estate Social Network™