The city has extended the negotiating agreement to 120 days to give the developer more time to pack the offices and affordable housing into the plan. The Cleveland-based developer had originally asked for 240 days, but city officials are eager to capitalize on the hot real estate market. While councilman Ignacio de la Fuente described the changes as complicated, he believes Forest City can achieve them. "With a mix of retail, residential and office space, this will be a better project and if anybody can do it, we think Forest City can," says de la Fuente. "After the supervisor elections, San Francisco is in shambles and we think more people will look at us."
Forest City could not immediately be reached for comment. The developer is currently seeking to acquire a patchwork parcel of 14 acres from 17th Street to 21st Street between San Pablo and Telegraph avenues. The land, mostly parking lots and underutilized buildings, is considered one of the most important development in the downtown area because of its proximity to City Center and Lake Merritt areas, which have already undergone substantial redevelopment.
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