Luxury Residential Project Likely, With or Without Swig

SAN FRANCISCO-The 51-story, 505-unit luxury apartment and condominium building slated for Second and Natomas streets will be built, say local market specialists. The real question is who the developer will be.

Right now it’s Kent Swig. But Swig Burris Equities LLC, the company set up to develop the project, is facing a $20-million-plus default on the estimated $173-million project. Phone calls to company’s San Francisco offices were not returned for comment. A ground-breaking ceremony for the project was held in March of 1999, but construction has yet to begin.

“The general market will look positively on any project,” according to Jeff Mishkin, a first vice president with Marcus & Millichap’s San Francisco office who spoke with GlobeSt.comrecently. “Given the size and uncertainty of the market, in the event Swig cannot complete it and it does, in fact, go back to the lender, it is likely that there will be others right behind Swig looking to snap it up and move forward to develop the property.”