SAN FRANCISCO — Lennar Urban has won approval for its updated development plans for Candlestick Point, a massive mixed-use development planned for the site of Candlestick Park, former home of the San Francisco 49ers football team.
Candlestick Point is envisioned as a 775-acre mixed-use community that will provide 12,000 homes, 350 acres of open space and parks, and numerous commercial components.
San Francisco’s Commission on Community Investment and Infrastructure and the San Francisco Planning Commission unanimously approved the amended plans for the first phase of the development. Phase I is expected to cost between $2 billion and $3 billion, according to the San Francisco Business Times.
The first phase of Candlestick Point includes:
- 16 city blocks anchored by an outdoor urban outlet retail district.
- 2,214 housing units, including the transformation and redevelopment of the 256-unit Alice Griffith public housing complex into a mixed-income housing development. The multifamily complex will be completely reconstructed without dislocating current residents.
- More than 1 million square feet of commercial space including a hotel, offices, a regional outlet shopping center and neighborhood retail, which will feature locally owned shops, a grocery store, restaurants and entertainment.
- A film and arts center.
- Sites for community services, including a new community garden for residents of Alice Griffith.
- Nine acres of parks and open space.
- Payments to the state for improvements, operations and maintenance at Candlestick Point State Recreation Area.
“This is another important step toward the creation of a vibrant retail and entertainment community,” says Kofi Bonner, president of Lennar Urban. “The future of Candlestick Point is beginning to take shape.”
Phase One will also include more than $14.4 million in community benefits such as funding for scholarships and education, health and wellness, workforce and construction assistance, and housing and credit support.
Infrastructure work currently is under way, and construction of the regional outlet shopping district is expected to begin in 2017.
When all phases are completed, the Candlestick Point community will be a projected $8 billion, 775-acre, mixed-use development that will transform a former military base and football stadium into a community that will provide 12,000 homes, 350 acres of open space and parks, and numerous retail, hotel and office components. Nearly one in three homes will be affordable housing.
– See more at: http://rebusinessonline.com/lennar-urban-wins-approval-for-phase-one-of-3b-candlestick-point-development-in-san-francisco/#sthash.0HIfJHuU.dpuf