New homes and a new 49ers stadium in this economy? Well nothing in San Francisco should surprise us.
The San Francisco Board of Supervisors has approved a resolution endorsing the funding plan for the redevelopment of Candlestick Point and Hunters Point Shipyard as authorized by city voters earlier this year.
The planned development will provide 7,500 permanent jobs, 10,500 new homes, 300 acres of parks and open space and a new stadium site at Hunters Point Shipyard for The San Francisco 49ers.
"We thank the Board of Supervisors for its support," said Kofi Bonner
, President of Lennar Urban's Bay Area division. "We think we have crafted, with input from both the City of San Francisco and community members, a plan that meets the needs of Bayview-Hunters Point, keeps the 49ers playing in San Francisco and helps advance the economic interests of this city despite challenging market conditions."
Bonner said 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 this multi-year development.
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, which will be used as athletic fields on non-game days.
The 49ers have said that they plan to move forward with a stadium plan in the South Bay, most probably near Great America
in Santa Clara
. But recent economic turmoil has put that project in more doubt.