The plan, which calls for the redevelopment of Candlestick Pointand Hunters Point Shipyard, will provide 7,500 permanent jobs,10,000 new homes and 300 acres of parks and a site for the 49ersnew football stadium. City officials have described it as thelargest San Francisco redevelopment project since World War II. Tosatisfy a requirement by the City of San Francisco for economicdiversification of the development, Lennar has joined with HillwoodDevelopment and Scala Real Estate Partners to fund the project.

Kofi Bonner, president of Lennar Urban's Bay Area division, saidin a statement that Lennar will contribute more than $500 millionfor the creation of 3,345 housing units, nearly 32% of theresidences planned for construction during the multi-yeardevelopment. Lennar will offer to pay $100 million to the 49ers tohelp finance the cost of building a new stadium at Hunters PointShipyard. The environmental clean-up of the stadium site isscheduled to be performed in 2009, which would allow the 49ers tocomplete construction of a new stadium by 2013 if they accept thecity's offer. Lennar will also develop the stadium site's utilityand transportation infrastructure and specialized grass parkinglots, which will be used as athletic fields on non-game days.

Additional key features of the development include $29 millionfor home purchase assistance, nearly $9 million for work forcedevelopment, 600,000 sf of regional retail space at CandlestickPoint, 100,000 sf of retail space to serve new neighborhoods atHunters Point Shipyard, and more than 2.1 million sf of officespace to serve green business, science, technology, research anddevelopment and industrial uses.