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The developer behind the renovation of India Basin north of Hunters Point and Bayview along San Francisco’s eastern waterfront was served with a notice of default on the more than 24-acre project.
An affiliate of Build Inc. defaulted on a $34.9M loan that matured March 31, the San Francisco Business Times reported. The fully entitled India Basin project is slated to include 1,200 homes, as much as 270K SF of commercial space, and more than 15 acres of public parks and open space.
San Francisco-based Build Inc. was served with a prior notice of default on the same loan in May. Its outstanding balance at that time was $45.6M. San Francisco Planning and the Department of Building Inspection had requested updated building plans from Build Inc. due to changes on the India Basin project but hadn’t received them, according to the SFBT.
Build’s plans for India Basin would tie the future residential and commercial developments to the 10-acre India Basin Waterfront Park at 900 Innes Ave.
Build Inc. in 2023 was served with a notice of loan default on a similar high-profile project. The company eventually surrendered a stalled office tower at 1500 Market St. to the project lender to avoid foreclosure.
Build had planned to develop hundreds of condominiums at the site, which was taken over by San Francisco-based Emerald Fund. Emerald Fund proposed a 41-story tower with 541 units, and founder and Chairman Oz Erickson said he will seek financing for the project in a more favorable capital markets environment, the SFBT reported.
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