Google and Aus­tralian devel­op­er pull out of San Fran­cis­co mixed-use hous­ing project

Aus­tralian devel­op­er Lendlease announced Fri­day it is end­ing its devel­op­ment project in San Fran­cis­co, Cal­i­for­nia, togeth­er with Google.
“The deci­sion to end these agree­ments fol­lowed a com­pre­hen­sive review by Google of its real estate invest­ments, and a deter­mi­na­tion by both organ­i­sa­tions that the exist­ing agree­ments are no longer mutu­al­ly ben­e­fi­cial giv­en cur­rent mar­ket con­di­tions,” Lendlease wrote in a state­ment. “Lendlease and Google have enjoyed a pro­duc­tive and col­lab­o­ra­tive rela­tion­ship in the San Fran­cis­co Bay area across the past four years.”
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This San Fran­cis­co Bay Project was meant to cre­ate 15,000 new units, among them con­dos, mul­ti­fam­i­ly, and afford­able units across four neigh­bor­hoods in the area, along with retail and com­mu­ni­ty com­po­nents. Google would have worked in some of the offices in the project. It was slat­ed to begin con­struc­tion in 2026 and fin­ish in 2038.
Now, Lendlease will receive com­pen­sa­tion “for …