Turnberry calls it quits on SF

As reported last month here on HighRiseSF, Turnberry had been shopping their lot on Lansing Street, looking to exit the SF market after an ambitious plan to build super luxury condos. Well, now San Francisco Business Times confirms that Turnberry will be packing up and heading back to Miami:

Rincon Hill developer Turnberry Associates has canceled its 40-story deluxe condo tower at 45 Lansing St., and asked the city to refund an $8.4 million affordable housing fee it paid when the building permit application was filed in 2007.

In a letter dated May 4, land use attorney Andrew Junius said the building permit for the 227-unit tower “will be withdrawn immediately by the project sponsor.”

The cancellation is a significant blow to the future of highrise development in Rincon Hill and other downtown neighborhoods. Turnberry bought the property in September, 2006, near the height of the market, paying $30 million, or $130,000 per buildable unit. At the time Turnberry President Bruce Weiner told the Business Times that the project would cost $230 million to $240 million and would be the most upscale development Rincon Hill has seen, with “exotic marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, individual security systems and 12-foot penthouse ceilings.”

SOURCE: SF Biz Times