You know land is expensive when it pencils to do what you see in the photo above. That looks to be about 60 vertical feet of shoring.
Soon to grow out of this hole in a very steep slope at 300 5th Ave will be a 24-story building with 460k sf of office, 20k sf of retail, and 279 parking stalls, developed by Martin Selig, project cost: $60 million.
This is one upside of a tight land supply: it catalyzes infill in inconvenient sites, thereby bringing development density to where it makes sense, i.e. near the downtown core.
[ Rendering of the 300 5th Ave project looking SE ]