Wheelin' and Dealin': $2 Bill for Hunter's Point, $100 Mill for the 49ers - NBC Bay Area

Wheelin' and Dealin': $2 Bill for Hunter's Point, $100 Mill for the 49ers

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    NEWSLETTERS

    Wheelin' and Dealin': $2 Bill for Hunter's Point, $100 Mill for the 49ers

    The Largest Urban Development Project in the Nation, as spearheaded by everyone's favorite Miami-based developer, Lennar, is taking another teeny tiny baby-step forward today with the release of its $2 billion financial plan. The plan covers everything needed to transform the area into a viable community... except, of course, for the buildings. Toxic cleanup first though, right? The plan also includes funding for infrastructure, utilities, parks, and "generous incentives" to keep the 49ers in San Francisco. Just how generous? Only the real estate deal of the century: the beleaguered football team will lease the land needed for their stadium for $1 a year and receive $100 million from Lennar to be put towards the new structure — which could be ready as early as 2013. But back to the housing: despite the bumbling real estate market, sources say that funding is in place for the proposed units, courtesy of "sophisticated real estate investors," and construction could be completed in as little as 15 years. All told, though, the official official plan will probably be changed a little by the time it goes to the Board of Supervisors -- next fall.
    · $2 billion plan for Candlestick, Hunters Point [SF Gate]
    · The Largest Urban Development Project in the Nation [Curbed SF]
    · Will Prop F Polish Off the 49ers? [Curbed SF]
    · Lennar Drops Green, Grabs Hunters Point [Curbed SF]

    For more stories from Curbed SF, go to sf.curbed.com.