Jeannie Anderson Addresses Millennium Tower issue in SF Chronicle
August 21, 2016
A: The Millennium Tower, completed in 2009 by Millennium Partners, set the standard for luxury. The discovery of a defect in such a landmark has made headline news.
Most San Franciscans know that much of downtown and South of Market were once part of the bay. But the fact that one of the city’s tallest buildings has apparently begun to sink is both a wake-up call and a hard dose of reality. This is a good thing.
Yes, there is real concern from the residents and from other owners of similar properties. Historically property values decrease when issues arise where lenders will not issue loans on a building.
There may be additional fallout as the public learns of other projects built with similar standards.
As happened after the 1989 quake in the Marina, liquefaction may become a hot topic for buyers. Eventually the lawsuits will be resolved, the issues fixed and values will return.
From this, new regulations regarding building standards may emerge. A direct result of the damage caused by the 1989 quake is San Francisco’s new soft-story retrofit mandate. Standards changed for the good make the overall quality of San Francisco housing even better and stronger.
Read the article at SF Chronicle
Categorized in: San Francisco