Hearst, the NYC-based media company and owner of the San Francisco Chronicle, has suspended its plans to build a condo skyscraper in San Francisco's South of Market neighborhood.

The 400-unit residential tower was supposed to be the second phase of a $1B development known as 5M. The first phase of the development, located between Fifth, Mission and Howards streets, was jointly developed by Hearst with Brookfield Properties.

The condo tower was going to be a solo project for Hearst. The media company cited poor market conditions and high construction costs as factors in its decision to pause the project at 110 Fifth Street, the San Francisco Business Times reported.

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