Citing the ruined economy, Shorenstein Properties has indefinitely halted construction of its 23-story office building in downtown Oakland. According to the San Francisco Business Times, Shorenstein executives claimed that construction of the complex at 601 City Center wouldn’t resume until the economy picks up, and God only knows when that will happen. This is latest blow to the downtown Oakland real estate market, where the financial crisis has forced three condo projects into default, and rioters looted and set fires in the streets after the recent BART cop shooting.
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