Last week, vice president of development at Lennar was on record last week as saying, "We are anxious to get going in spite of the market." But this week, the Redevelopment Commission votes on allowing the Miami-based developer of Hunters Point to delay construction so that the first batch of homes won't be done until January 2011 — a timeline that Lennar's apparently already been publicizing for some time now. Why the vote? Lennar's bound by the development agreement to build if the market supports it and then to share profits with the community. Construction was scheduled for more more than two years ago now, but has been set back by asbestos issues and the economic faceplant. To make up for the slowness out the door, Lennar's offered $1 million for the community fund before any construction's brought them any profits. In the meantime, they're putting together their game plan for selling the first couple phases of condos and townhomes — targeting first-time homebuyers who'd like bay views and wouldn't mind living life on the far side of the T-Third.
· Vote today on granting shipyard developer delay [SFGate]
· Lennar's Second Hunters Point Reveal: "Organic" Growth! [Curbed SF]
· Rendering Reveal: Lennar's Ode to Mission Bay [Curbed SF]