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SAN FRANCISCO-Strong interest is being shown in One Rincon Hill,the tallest residential project in the city and one of the first totake advantage of recent legislation allowing for binding contractsto be signed when construction starts as opposed to when it iscomplete as had been the case. One week into the sales effort, 80%of the 376 units in the first tower have been tied up with 3%deposits that will go non-refundable when binding sales contractsare signed over the course of the next three weeks, according tothe developer, Urban West Associates of La Jolla.

The two concrete and glass towers will rise 45 and 55 stories atFirst and Harrison streets atop Rincon Hill, next to the entranceto the Bay Bridge. The towers will stand about 115 feet apart andhave a 9,800-sf footprint that will house about eight units perfloor, for a total of more than 700 units. The units will rangefrom 600 sf to 1,800 sf and sell for between $900 and $1,000 persf, which means units will sell for between $540,000 and $1.8million.