SAN FRANCISCO—Plans for a $1.7 billion residential development at the former Hunters Point Naval Shipyard and nearby Treasure Island are on the scrap heap after a deal between the developers has failed.
The San Francisco Chronicle reports today that the impasse was the result of disagreement between the Chinese developers and their U.S. partner, Lennar Corp., over the degree of control each would have.
The Chronicle, quoting unamed sources, also said there were unresolved tax issues with the Internal Revenue Service over the Chinese firms' involvement.
He news came as San Francisco Mayor Ed Lee returned from a week-long trip to China. He had been hoping to announced that Lennar and the Chinese had reached final terms.
Click San Francisco Chronicle to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
