Lennar: Work at Hunters Point Shipyard to Start this Summer

Despite the collapse of a $1.7 billion financing deal with the China Development Corp., Lennar will start construction this summer on the first phase of housing at the old Hunters Point Shipyard, the company said in a statement.

“We are continuing to move forward with development of Hunters Point Shipyard and are expecting to start home construction this summer. At the same time, lenders continue to have significant interest in financing the Shipyard and Treasure Island, which they believe are extremely attractive projects,” Lennar stated.

Lennar said it will start this summer on 88 units and begin a second building with 159 units in the fall.

The Business Times reported earlier today that a much-celebrated $1.7 billion agreement between Lennar and the China Development Corp. had fallen apart because the two sides couldn’t come to terms over control of the project.

Mayor Ed Lee, who was in China with a San Francisco delegation last week, met with high-level Chinese officials to express the importance of Treasure Island and Hunters Point Shipyard developments. He was not directly involved in negotiations though, according to a spokesperson.

This will be at least the third time over three years that Lennar has announced the start of construction at the Shipyard, only to put off vertical development.

“Lennar: Work at Hunters Point Shipyard to Start this Summer” was written by J.K. Dineen, San Francisco Business Journals

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