Sandor Shapery, the local real estate developer who previously owned 101 Ash St. and had hoped to author a redemption story for the office tower, offered to pay $35 million to buy back the physically and politically tainted building from the city of San Diego earlier this month.
The city of San Diego will enter into a 90-day negotiation period with La Jolla-based Reven Capital, a real estate investment management firm proposing a nearly 400-unit housing project in place of the empty office tower at 101 Ash St.
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Contaminated with asbestos and mired in scandal, the empty office tower at 101 Ash St. downtown has become a symbol of the city of San Diego's ineptitude when it comes to negotiating complex real estate deals.