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Lennar's Community Gets Approval

Yesterday the Board of Supervisors approved the Hunters Point shipyard redevelopment plan. Mayor Gavin Newsom celebrated by signing the legislation that afternoon. The project has been on the table for nearly ten years, mostly because of political battles over the 10,500 homes and apartments, parks, open spaces, offices, and at one point a new stadium for the 49ers. Says Newsom "It will provide economic stimulus the like of which the city has never seen."

The project is going to cost $7.7 billion. Where's that cash going to come from? The city will eventually need to ask banks for up to $700M over 20 years, Kofi Bonner, former city staffer, said. "Now Kofi needs to go celebrate -- but not a bar, at a bank," Mayor Gavin Newsom said.

Back in May Curbed reported that if all goes according to plan, the Hunters Point megadevelopment will rake in some serious dough. "Pulling in $24 million in tax revenue, while costing taxpayers $15.7 million. The numbers hold up through the end of construction, when the 10,500-home development should end up costing $32 million annually — for things like police, transit, and fire services — while bringing in $49.3 million from property taxes, payroll taxes ... just a whole lot of taxes for a whole lot of new neighborhood."
· Newsom signs off on long awaited Hunters Point shipyard plan [City Insider]
· Forms Are Signed, Now Shipyard Project Needs Loans [SF Appeal]
· Lennar-Commissioned Report Says Hunters Point Will Make Bank [Curbed SF]