The early stages of the San Francisco Shipyard development, perched on the tip of Hunters Point, has always felt like a bit of an experiment in San Francisco housing. Would homebuyers be willing to head that far out to a neighborhood still in its nascent stages of development? Big things are planned for the area, from 12,000 units of housing to the outdoor mall set to rise as part of the redevelopment of Candlestick Park, but it's currently still just a big construction site. We watched closely when the development launched last spring with 88 units up for sale across the Merchant and Olympia buildings and prices starting below $500K for a brand-new condo. Now, that early uncertainty has been put to rest with an announcement last week from the Shipyard that Merchant and Olympia have both sold out.
The first set of condos was supposed to be ready for move-in by last September, but it looks as if that date got pushed back and move-ins will be coming sometime in the next few weeks. In the meantime, the sales offices (there's one on-site and another downtown) have shut down to get ready for the next release of homes. There are no details available yet about exactly what's set to come next, but Lennar Urban, the developer behind the Shipyard, hints that it will be another mix of condos and townhomes.
The transformation of Hunters Point is just beginning, but the sellout of the Shipyard's first two buildings are a strong sign that Lennar can deliver on its big vision.