"Thank you for calling Future Downtown Residential High Rises, please hold."

The last two weeks welcomed the first closings at both Millennium Tower and Infinity Tower II with BLU on schedule for May. As these lucky homeowners move in they are probably unaware that they are the first wave of the last batch of new residents we will see Downtown for what could be a decade. These buildings represent the last of the "boom" developments to be completed and open their doors. This however, was not always the case.

It was only a few years ago that developers had been planning three more large-scale condominium towers that would already have broken ground and have sales offices open at this time. All of these projects have been either shelved until further notice, put up for sale or both. The absence of these towers has made an undeniable impact; not only on the skyline but in the downtown residential inventory pipeline.

A brief rundown of the history and status of what could have been:

Turnberry announced last November that they had sold a 50% equity stake in their proposed 40 story tower at First & Harrison. Ground breaking had been scheduled for March of '09. With spring weeds rising on the empty lot instead of concrete and steel the joint ownership is shopping the entitled development to potential buyers.

Across the street at One Rincon Hill; the 50 story Tower Two remains on indefinite hold. The development team announced last week that they are still just 70% sold after nearly three years of marketing. The ghost of Tower Two is still very much part of the logo and marketing collateral for the development. With the first tower standing alone atop Rincon Hill it seems like one half of a broken heart pendant; waiting to be reunited with its lost love.

Traveling one block further east to Harrison and Fremont we encounter more weeds where The Californian should be rising. Developer Fifield's 393 units have been actively shopped for two and a half years with a suitor yet to be found.

One could interpret this as evidence of continued weakness in the San Francisco condominium market, but I disagree. These three developments would have added just over 1,000 units of new construction inventory Downtown. Without the competition and specter of over supply, Downtown developments are doing just fine (albeit with the implementation of significant price adjustments).

Don't cry for the towers that are still just a twinkle in their developers eye. One Hawthorne is proudly representing for them as it rises at the corner of Howard and Hawthorne. The timing for the 24 story165 unit development might be just right.