And the plot thickens: Irvine-based investment and development company Scala Real Estate Partners has signed a letter of intent— one step short of a binding contract— to secure at least 30-percent equity interest in the Lennar-led initiative at Hunters Point Shipyards and Candlestick point. In securing Scala's $200 million investment, Lennar Corp. will fulfill a mandate issued by the city that requires a financial backer in order to guarantee the forward thrust of the $1.4 billion project regardless of market conditions. In a very telling statement, Michael Cohen, director of the mayor's Office of Economic and Workforce Development claimed: "It's hard to attack the project on its merits, so for those who have chosen to attack Lennar, (the agreement) shows this project isn't about them or any other single developer." No word yet from Daly's camp. However, the clock also hasn't struck 8:30 a.m. yet, either.
· Lennar attracts major backer for S.F. projects [SF Gate]
· Daly & Co. Secure Anti-Lennar Signatures in Hunters Point [Curbed SF]
· WW49D?: Daly Takes on Gavin, Lennar Corp., Friday's [Curbed SF]
· Lennar Drops Green, Grabs Hunters Point [Curbed SF]