While Lennar’s $1.7 billion loan from the China Development Bank for the development of San Francisco’s Treasure Island and Hunters Point Shipyard has fallen through, Lennar plans to break ground on 88 residential units at Hunters Point this summer.
“We are continuing to move forward with development of Hunters Point Shipyard and are expecting to start home construction this summer. At the same time, lenders continue to have significant interest in financing the Shipyard and Treasure Island, which they believe are extremely attractive projects.”
In addition to the 88 units this summer, Lennar plans to begin construction on another 159 residential units this fall according to the San Francisco Business Times.
The approved redevelopment plan for Hunters Point includes 10,500 residential units along with 3.5 million square feet of retail, office, and research & development uses and over 300 acres of park and recreation areas.