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| Four years after the economy tanked, a developer of One Rincon Hill plans to finally break ground this week on that second giant condo tower next to the Bay Bridge.
"We are ready to start," said Michael Kriozere of Urban West Associates, which developed One Rincon and is now advising on the new project.
The 299-unit, 50-story tower will sit next to the 60-story One Rincon building that was completed in 2008, just as the Wall Street meltdown sent the real estate market into a tailspin.
Condo sales sputtered, and the fate of the second building fell into limbo after an investor foreclosed on the property.
But Principal Global Investors of Iowa purchased the second phase of the development earlier this year for a reported $29.75 million, putting the deal back on track.
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