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New SF Shipyard Homes Have Pricing that Starts Under $500K

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Out in Hunters Point, the huge San Francisco Shipyard development is ready to start selling and prices start at less than $500k for a brand new condo. The development will eventually cover more than 700 acres of land that used to be a military base and is launching with two initial buildings. The Merchant Condominiums will start in the mid-400's for a one-bedroom and range up to around $670,000 for a three-bedroom, while the Olympia townhomes start in the mid-600's. This puts pricing at $600 to $700 per square, which is lower than other parts of the city but will require new residents to wait for a community to be built around them. Although transportation out to the development is now sparse, developer Lennar Urban will be running a free shuttle service for early residents and eventually envision ferries and rapid transit buses taking homeowners downtown. All of the homes come with parking, and the townhouses will have private attached garages. Construction on the first set of 88 homes to hit the market is well on its way with a target completion date of this summer. The first condos will be ready for occupants by September, while the townhomes will be ready by November. Demand is expected to be brisk. "We can't build them fast enough," said Sheryl McKibben, vice president of sales and marketing at Lennar Urban. The development's two sales offices, one on-site and one downtown in SoMa, open this weekend and feature art from local artists, many of whom will have studios at the newly-approved $30 million artists' building to be built by Lennar.

Eventually, the developers envision a vibrant new community across what is now a dusty and remote construction site. There will ultimately be 12,000 new homes in Hunters Point as well as a pedestrian and bus bridge for easy access to the retail complex planned by Lennar for the Candlestick Park site. Views stretch across the city and out over the Bay to the San Mateo Bridge, and 9 miles of accessible shoreline along with 25 acres of parks with bike trails and open space are planned.

· First Homes at SF Shipyard Redevelopment Ready [Curbed SF]
· $30 Million Artists' Building Approved for SF Shipyard [Curbed SF]