Moneymoneymoney! Money. Megadeveloper Lennar Corp. has partnered with Ross Perot Jr.'s (yes, that Perot) Hillwood Development Co., and the investment firm Scala Real Estate Partners LP to fund its projects in Candlestick Point/ Hunter's Point (hello, Proposition G) and Treasure Island. Together, the companies will snap up a full 50 percent stake in both projects; in the case of Hunter's Point, they'll replace initial investor LNR Property Corp. Money has always been an "issue" for Lennar: Back in January, news broke that Lennar had already dropped $625,000 on a dream team of power players (including Gav's chief political strategist) to push the project past the vote. Daly & Co. called foul, accusing Lennar of making a greedy land grab for Hunter's Point.
In June, Lennar reported a 61 percent revenue drop in the second quarter, prompting just a bit of speculation from Team Anti-Development, who cited local funding shortfalls— including the loss of a $25 million redevelopment grant and a shrunken Shipyard Legacy Fund— as causes for concern. Lennar and is partners are set to drop over $1 billion in funds on Hunter's Point alone, with the first phases of construction slated for 2010. Brace.
· Lennar Megaproject Survives [WSJ]
· Rough Day for Lennar [Curbed SF]
· Lennar Drops Green, Grabs Hunters Point [Curbed SF]
· Prop G Passed, if We Can Afford it [Curbed SF]
· Prop G: Money Can Buy You Love [Curbed SF]