Home Builder Lennar’s San Francisco Treat
posted by admin in Home DeliveryHome builders Hovnanian Enterprises and Toll Brothers Inc. have had a tough week, reporting quarterly losses amid the suburban housing slump. But home builder Lennar Corp. was granted a gift from San Francisco voters on Tuesday night.
City voters soundly supported a measure that will allow the Miami-based builder to develop a sprawling, 770-acre property into housing, retail shops, offices and possibly a new stadium for the San Francisco 49ers. About 61% of the voters approved the Lennar project, which will give the builder a massive foothold in the still robust San Francisco housing market.
What’s sweet for Lennar is that the builder is getting the land, which includes the former Hunters Point Navy shipyard, from the city for a nominal fee. That means the company can tie up the property at a relatively low cost until it’s ready to start building houses. In exchange, the builder has agreed to provide thousands of affordable rental and for sale homes as well as develop parks on the property, infrastructure and a site for the football stadium.
But a more difficult task may lay ahead for Lennar, as it raises financing for a project, which is described as one of the largest ever proposed for San Francisco. A Lennar official says when the builder is ready to start financing a big phase of the project in 2010, the credit markets will likely have improved.
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