Five Point Holdings' latest initial public offering filing could be a sign of improving market conditions for the California developer. The Lennar Corp. spin-off filed an IPO in 2015, but curtailed the offering due to poor market conditions, the San Francisco Business Times reports. As a public company, Five Point would have additional funding opportunities for future developments, but has not made any indications of its future plans. Valuation and timing of the offering was not provided in the filing.

Lennar created Five Point in 2009 to oversee several California master plan communities. These developments include San Francisco’s Shipyard and Candlestick Point projects, the Newhall Ranch project in Los Angeles and Great Park Neighborhoods in Irvine. The projects total 40,000 housing units and 21M SF of commercial space, according to the IPO filing.

By the end of last year, Lennar owned 45% of outstanding voting interests in Five Point and will remain a major shareholder. Lennar has a purchase agreement for $100M worth of shares. Third Avenue Management and Castlelake expressed interested in $25M each in stock.

Lennar and its partners have been working on two major redevelopments in the San Francisco Bay Area, Treasure Island and Concord Naval Base. Five Point does not own these projects, but is providing developer management services.

Five Point holds more than $2B in assets, and its 2016 revenues were $39.3M. Its total capital is more than $1.5B. Five Point’s trade ticker symbol will be FPH.