Lennar-Commissioned Report Says Hunters Point Will Make Bank

Friday, May 21, 2010  |  Updated 4:15 PM PDT
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Lennar-Commissioned Report Says Hunters Point Will Make Bank

Nicely timed, Lennar: a new analysis of the Hunters Point megadevelopment shows that San Francisco stands to rake in big money dropping condos, apartments, and offices all over the former shipyard.

The developer-commissioned report by a Berkeley-based firm projects that even by 2021, when the project's only halfway through, the City will be pulling in $24 million in tax revenue, while costing taxpayers $15.7 million.

The numbers hold up through the end of construction, when the 10,500-home development should end up costing $32 million annually — for things like police, transit, and fire services — while bringing in $49.3 million from property taxes, payroll taxes ... just a whole lot of taxes for a whole lot of new neighborhood.

The report was released ahead of the Board of Supes hearing on the project's environmental impact report next month — enough time for Lennar to start sending flowers and singing telegrams to our supervisors.

· Report: Shipyard project will be cash cow [SF Business Times]
· Lennar's Community Benefits Promises Do Impress City Officials [Curbed SF]
· Hunters Point Report Drops, 49ers Stadium Still in the Works [Curbed SF]

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