Millennium Tower residents in San Francisco face a $10 per square foot emergency assessment after the building's $100 million stabilization project ran $20 million over budget. The shortfall of $6.8 million depletes the reserve fund set aside for repairs and legal fees.
The saga of San Francisco's leaning Millennium Tower just took another turn. An estimated $100 million was required to drill piles connecting the building to bedrock to stop further sinking and tilting of the residential tower in San Francisco's SoMa district. The good news is the work completed in August and the building has already started stabilizing and the tilt correcting. The bad news is that the project ended up costing about $20 million more than the $100 million estimate and residents just got notice that they have to foot some of that bill. An emergency assessment of $10 per square foot per condo was just assessed against the owners. There was apparently $150 million allotted to the building to pay for project costs restoring reserve favors, paying for legal fees, but given the significant cost overruns, it apparently wasn't enough and residents had to come out of pocket another $6.8 million. Hopefully this is the last setback for residents and they can finally move on. Follow me for more Bay Area real estate.
