SAN FRANCISCO (KCBS)— The San Francisco Board Of Supervisors are meeting Tuesday to create a special tax district around the Transbay Terminal to cover the cost of its reconstruction including the Caltrain extension. But while downtown developers had earlier promised to pay in, they are now lobbying, and threatening a lawsuit claiming the amounts are too excessive due to soaring property values.
Some of the biggest developers in San Francisco are involved including, Hines, Boston Properties, TMG, and others Boston Properties, TMG, and others. They are responsible for the new high-rises that are popping up downtown, including the Salesforces Tower—which will be the tallest building on the West Coast. The Transbay Terminal will also go down four floors into the ground to accommodate the train station.