Background: The Market-Octavia plan was expected to rezone certain properties near the intersectionof Market Streetand Van Ness Avenue, the two largest streets in downtown San Francisco and increase the building height limits from 120 feet to 400 feet. Please be careful about the punctuation and abbreviations
Development: Mr. Choo formed an investor group that acquired 4 parcels in two separate transactions from two different owners. The group hired Richard Meier, the Pritzker Prize-winning architect, to design a 34-story signature high-rise residential tower.
Project Exit: Unfortunately, the 2008 downturn resulted in the majority of the investors deciding to sell the property The group had paid $13.7 Million for the project site and sold for $37 Million.