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San Francisco has approved Lennar Urban’s plans to begin work on developing residential, retail and greenspace projects at Candlestick Point. The first project is a 500k SF retail center, and Lennar is expected to break ground in 2017.
The company is expanding the housing stock at Candlestick Point, according to the Silicon Valley Business Journal. The first phase will feature 2,214 housing units and will include renovations to 256 public housing units. Combined with the 12,000 units set to come online at Lennar's nearby Shipyard development, the area is set to host 25,000 residents.
Plans have changed slightly since the original proposal was approved in 2010. A 10,000-seat arena has been re-envisioned as a 1,200-seat arts venue and a 4,400-seat performance venue. Lennar estimates Phase 1 will cost $2B to $3B. [SVBJ]
