Plans to build upward of 20,000 new homes in San Francisco got a big jump-start this week, as sources said that homebuilder Lennar has come to a basic agreement with the government-owned China Development Bank on a $1.7 billion loan for major construction at Hunters Point and Treasure Island.
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New housing planned for the massive Hunters Point development in southeast San Francisco can press on despite the looming demise of The City’s Redevelopment Agency, according to the head of the company in charge of project.
Years in the works, the development plan was tossed into turmoil Thursday, when the California Supreme Court upheld a state bill to dissolve 400 redevelopment agencies statewide, including San Francisco’s.
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The City’s Redevelopment Agency has analyzed the potential impact of the governor’s proposal to abolish such agencies, and the results are not pretty.Elimination of the San Francisco Redevelopment Agency would jeopardize major projects such as the Transbay Transit Center and the transformation of Treasure Island, and it would threaten to cancel construction of tens of thousands of new homes across The City.
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Seven years after The City’s Redevelopment Agency approved the first phase of the Hunters Point shipyard’s planned transformation, building might finally begin.The regional president of Lennar Corp., the Miami-based developer of the site, said the company hopes to soon start building the first 88 homes in one of The City’s largest redevelopment projects.
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