The stopped construction on 535 Mission is sending waves throughout the development sector and generally freaking everyone out. Residential, offices, retail -- no one's safe. Says an exec at Tishman Speyer (developer of recently halo-capped 555 Mission next door): "All of us shudder when we see a project like this stopped. It's not good for any of us." If it's not good for Tishman Speyer, it's even worse for small local construction equipment renters, who've seen their business tanking this year. Still: One Hawthorne is set to continue on track, but it will probably be the last big private project breaking ground this year. Will Gavin's New Deal of $5.3 billion in capital projects shore up some of this slump and give us a new, fresh round of destructoporn? Oh, hope! Cross your fingers for that bond market.
Market Aftershocks Stem From 535 Mission Halt