“Unexpected” was the word used to describe Millennium Tower’s additional 2-and-a-half inch lean towards the west in just the last 6 months. That brings the total lean to around 14 inches worth of lean, but 17 inches down into the ground, literally sinking into the earth. If you’re doing the math on the property value drop there, it’s roughly $300k per unit inside the building. That’s $300k less than what the value of each condo should be.
Many owners have gone to the city to get some kind of property tax relief for 2016, but only about 25% of the residents were able to qualify for that, because, quote, “many units have tax values that are already so far below current market value that they are not entitled to relief,” says City Assessor Carmen Chu.
Finger-pointing is still happening, and lots of lawsuits are in the works, but they’re still not sure what the cause of the tilting is. Building developers say the nearby tunnel construction for subways, and even the new Salesforce tower has been getting blamed for removing groundwater, making the earth under the area unstable.
Bottom line is that the building needs to be fixed somehow, and that’s going to take a lot of time to figure out. But it’s starting to sink and tilt faster than before, almost twice as fast.