San Fran Approves $2B Housing, Stadium Plan

The San Francisco Board of Supervisors has approved a resolution endorsing the funding plan for the redevelopment of Candlestick Point and Hunters Point Shipyard, which will entail the construction of 10,500 new homes, retail, office, open space and a new stadium for the city’s 49ers football team.Kofi Bonner, president of Lennar Urban’s Bay Area division, said that Lennar will contribute more than $500 million for the project which makes possible a 32 percent affordable housing rate and over $82 million in community benefits during the multi-year development. Additionally, Lennar will offer to pay $100 million to the 49ers to help finance the cost of building a new stadium at Hunters Point Shipyard. The environmental clean-up of the stadium site is scheduled to be performed in 2009, which would allow the 49ers to complete construction of a new stadium by 2013 if they accept the city’s offer. Lennar will also develop the stadium site’s utility and transportation infrastructure and specialized grass parking lots. Additional key features of the development include a 600,000 square feet of regional retail space at Candlestick Point and 100,000 square feet of retail space to serve new neighborhoods at Hunters Point Shipyard. It will also include 2,150,000 square feet of office space to serve “green” businesses, science, technology, research and development and industrial uses.