Lennar Converting San Francisco’s Hunter’s Point and Candlestick Point and San Francisco Into Housing Developments
Lennar (LEN) has found new life in the real estate downturn by focusing on large projects converting former military bases in San Francisco to large moderate income communities. The Hunter’s Point project is one of San Francisco’s poorest neighborhoods and Lennar is converting property bought by the city for $1 into thousands of new homes.
Lennar is partnering with Ross Perot’s Hillwood Development Co. to develop this project and another at Candlestick Point, soon to be home for a new 49ers stadium, the company is positioned for future growth and a strong capital position.
Now that is not something that you hear everyday when discussing home builders, is it.
The capstone of Lennar’s megaprojects in San Francisco are Hunter’s Point and Candlestick Point, which were acquired from the city for a nominal fee. Lennar and its partners have agreed to spend more than $1 billion building thousands of affordable rental and for-sale housing, along with parks and a site for a new stadium for the National Football League’s 49ers. The first large phase of the project is to begin in 2010. via WSJ.com.
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