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* Hayes Point was intended to revive San Francisco's struggling downtown * The $1.2 billion tower was halted after developers failed to find tenants * Almost 100 big brands have fled the metro due to crime and homelessness The developer behind a major San Francisco building project has halted construction over poor market conditions as crime and homeless continue to deter retailers and customers from the downtown area. Hayes Point, a $1.2 billion tower in the heart of San Francisco, has been paused 'until markets normalize' after developer Lendlease admitted it couldn't find enough tenants in the struggling metro. The announcement is a major blow to the downtown area where at least 95 retailers have packed up and left since the start of the COVID pandemic. Almost 7,000 households a month also fled the city at its peak in August 2020, as soft-on-crime policing and facilitation of widespread homelessness sparked backlash. The crisis has now seemingly spread to the city's real estate market, as Lendlease's executive general manager Arden Hearing said he would be 'pausing construction on Hayes Point until markets normalize and we’re able to bring in early tenancy commitments, or a capital partner, or both.' Hayes Point was one of the few remaining construction projects underway in San Francisco, and its halting comes as a major upset to city officials after they introduced measures to revive the downtown area around it. The recent moves include easing the process for office-to-residential conversions and cutting fees with the hope of kickstarting construction projects, according to the San Francisco Chronicle. The tower, expected to be finished by 2026, was set to be a mixed-use complex, with 333 residential properties stacked on top of 290,000 square feet of office space. An arts space and retailers were also planned for the ground floor, although it is unclear which retailers will be left by the time it 'potentially' restarts in 2024 after brands including Brooks Brothers, Ray Ban, Christian Louboutin, Lululemon and Nordstrom left the area due to its untamed crimewave. The crime epidemic has devolved in the city to the point where one Target location was forced to lock its entire product range behind security glass. The tower's apartments may also struggle to bring in the revenue expected, with the zip code it is in seeing a 12 percent decline in home prices from 2022 to 2023. Speaking at an earnings report meeting when the decision to pause was announced, Lendlease CEO Tony Lombardo said the decision to halt the project was to 'de-risk' the investment after it already cost $260 million, reports Construction Drive. The stall also comes after Lendlease was also forced to lay off about 10 percent of its global staff in mid-July. Despite the downturn, Lombardo added that 'from a capital perspective, we still see good returns in that (Hayes Point) project.' When he announced the move Monday, Hearing said Lendlease would 'monitor the markets while exploring options for a potential re-start in 2024,' adding that the project's admin would still be continued in the background so that 'Hayes Point is well positioned once construction resumes.' But the building's struggles with its surrounding area ironically come after Hearing reportedly bragged about its amenities last September. He said it is a rarity as a multi-use building for residences, retailers and offices, which would be looked at 'as a vertical ecosystem, within the neighborhood ecosystem.' Hearing also said one of the project's perks was that is will be on 'top of probably the most transit-rich site in the city', however it remains to be seen what - if anything - people will transit to in the declining city. San Francisco has been marred by the combination of a severe downturn in the tech industry coupled with woke policies facilitating crime and homelessness. Despite official reports that San Francisco's crime rate is on the way down, one former prosecutor claimed in May that the city's liberal district attorney's decision not to prosecute many crimes skewed those numbers. The issue has driven numerous retailers from the area, as rampant crime in downtown San Francisco has left numerous retailers throwing up their hands and moving out. In April, Whole Foods announced it was closing its locations, while Anthropologie and Office Depot have also left. And when the Westfield Mall announced it was joining the group of businesses to flee the city, it bluntly told the Washington Post that the metro's issues led to 'unsafe conditions for customers, retailers, and employees.' The mall said 'these significant issues are preventing an economic recovery of the area.' When the pandemic initially hit, California's troubles with homelessness and law breaking saw Gap become the first to announce its departure, in August 2020. This was swiftly followed by H&M and Marshall's, but Whole Foods seemed defiant as it opened a new 'flagship' location at Trinity Place in the city's Tenderloin District in March 2022, hoping to revitalize footfall after two years of draconian COVID-19 restrictions severely impacted businesses in the area. But a Whole Foods spokesperson declared the store closed down in April due to safety concerns for its staff. 'We are closing our Trinity location only for the time being,' the spokesperson said in a statement. 'If we feel we can ensure the safety of our team members in the store, we will evaluate a reopening of our Trinity location.' Industry groups have noted that there is an issue with theft, with the National Retail Federation saying that organized retail crime is setting stores back around $100 billion a year, according to a 2022 survey. In 2021, retailers saw a 27 per cent increase in theft carried out by organized criminal rings, the survey found. To tackle the issue, they invested more money in safety and security measures to protect employees, customers and merchandise. Read more Continue reading Sponsored Content MORE FROM Daily Mail Jessica Alba in purple after sharing both daughters are in therapyGisele Bundchen leaves the gym with playful daughter Vivian, 10The best and worst Royal family A-level results Visit Daily Mail TRENDING STORIES 1. Biden shouts during speech, challenges anyone to name 'one thing' the US set out to accomplish and failedFOX News 2. California TV producer dead after falling from rope swing at lake retreatFOX News 3. GOP candidate fighting for debate stage spot says candidates 'shouldn't stay' in race if they don't qualifyFOX News 4. Here is the average income for retirees in the US — how do you compare?MoneyWise MORE FOR YOU There aren’t many question marks for the San Francisco 49ers as they roll through training camp. Quarterback Brock Purdy is healthy and has assumed his role as the starter. The team is healthy and looks like one of the strongest teams in the NFL once again. The only issue looming over the franchise is the contract extension for Nick Bosa. The reigning Defensive Player of the Year has not been in training camp as he is awaiting a new contract from the team. Bosa and his representatives have a clear goal in mind with his next contract; they want to either match or clear the deal Aaron Donald signed with the Los Angeles Rams. The star defensive tackle agreed to a three-year, $95 million contract last year and provides the 49ers with a baseline in negotiations with Bosa. Unfortunately, those talks have not progressed in the manner the 49ers had hoped. There has been very little communication between Bosa’s representatives and the team, as things are at a bit of a stalemate. That could spell some doom for the 49ers, as Tony Pauline of Sportskeeda.com provided an update that will worry fans of the team. According to sources Pauline talked to, there is a chance that Bosa won’t be back before the regular season begins. “Sources tell me the Bosa situation could last a while and it’s not out of the question the three-time Pro Bowler could miss the start of the season due to the contract dispute.” That is a worst-case scenario for the 49ers and Bosa. Because he is on his rookie contract, all the fines he has been tolling will be reimbursed, so he has no real incentive to report to training camp without a new deal. This is something that San Francisco would prefer to get done as soon as possible. If Bosa isn’t in the lineup in Week 1, their entire game plan defensively will have to be changed. It would be impossible to replace the production that Bosa provides. In addition to that, without him in the lineup, it would mean the 49ers’ three top players in sacks from 2022 would not be on the field to start 2023. Want more articles like this? Follow NFL Analysis Network on MSN to see more of our exclusive NFL content. More must-reads: * Scout's view: Three non-first-round rookie QBs to watch this week * Analyst believes Steelers WR is 'much more talented' than All-Pro Justin Jefferson * The '1,000 rushing yards as a rookie' quiz Continue reading Sponsored Content MORE FROM NFL Analysis Network PFF Reveals Big-Time Predictions For Cowboys’ Tony PollardAnother Report Sheds Concern About 49ers’ QB Brock PurdyRob Gronkowski Hints At Interest In Joining New York Giants Visit NFL Analysis Network MORE FOR YOU * © 2023 Microsoft * Your Privacy Choices * Privacy & Cookies * Terms of use * Advertise Feedback