Hunters Point Shipyard: Part I - Introduction and the EB-5 program
Recently I wrote about the Hudson Yards project in New York, which came to life as part of the federal EB-5 program. It may be the largest initiative in the EB-5 program, but it is certainly not the only one. Another very important stakeholder is Hunters Point Shipyard in San Francisco, CA. Headed by developer Lennar Urban, this project has been in the line for the past 15 years, with a total investment worth over $8 billion.
This project plans to construct over 12,000 homes, a large outdoor mall and 3 million square feet of office space, reconstructing the former naval base into prime real estate. The project is split into two phases. The first phase will include up to 1,600 homes, 27% to 40% of which will be affordable, along with 26 acres of open space. The second phase includes the development of the Shipyard and Candlestick Point areas as one project, with additional 10,500 housing units, 32% of which are to be affordable.
More details here: http://aargo.com/hunters-point-shipyard-part-introduction-eb-5-program