First Homes at Shipyard Have Sold Out

SAN FRANCISCO—The first two buildings of 88 homes at The San Francisco Shipyard, a transformative, multibillion dollar community led by Lennar Urban, are now sold out and preparing for the move-in of its first homeowners in April.

Sales for the next four buildings, comprising 159 homes, will be announced in the coming weeks and are slated for completion by the end of 2015.

With prices ranging from the mid- $400Ks into the $900Ks, the first two buildings, Merchant and Olympia, are comprised of one-, two- and three-bedroom condominiums and townhomes whose new owners include families and individuals from a wide spectrum of backgrounds. Offering a mix of floorplans for San Francisco's middle income, low income and upper income families, this is the first release of 12,000 homes that will be built at The San Francisco Shipyard and its sister community, Candlestick Point.

“We've had strong demand and overwhelming interest from buyers since we launched sales last June,” said Sheryl McKibben, vice president of sales and marketing at Lennar Urban. “The sales pace has been swift and we expect the same with the next release of homes, as we're already generating an interest list of prospective buyers. These first homeowners understand the vision of The San Francisco Shipyard and see value in planting roots here. It's exciting to see their enthusiasm for what's to come.”

Key factors in attracting buyers have been attainable pricing that is almost half the price of comparable downtown San Francisco homes, modern design, superior finishes, waterfront views, manicured parks around the community along with intimate green spaces surrounding the homes and easy access to downtown San Francisco, the Peninsula and East Bay.

“Our proximity and accessibility to downtown San Francisco has been a major factor for our current buyers since 65% of them work in the city,” said McKibben. “We're just 3.5 miles from the SoMa district and less than 10 minutes from downtown via car. Nearly 55 percent of our buyers are relocating to The Shipyard from another neighborhood within San Francisco, so now they can actually purchase a new home instead of renting.”

The San Francisco Shipyard is crafted from the culture of a historic San Francisco neighborhood and features contemporary design with amenities such as parks, private patios and rooftop decks. Within the current release of homes, top-of-the-line standard interior finishes include hardwood floors, custom cabinetry, quartz stone countertops, tile bathroom flooring and surrounds, and Bosch kitchen appliances.

Located along the San Francisco waterfront, The San Francisco Shipyard is poised to take its place among the city's most desirable real estate. In addition to an array of amenities, hundreds of acres of parks and open space and easy access to downtown, residents will be adjacent to an Urban Innovation District. This integrated development will comprise three million square-feet of waterfront commercial space, an emerging business incubator and San Francisco State University's extended campus. Through purposeful programming and physical design, the district will be activated with coffeehouses, gyms, dining, retail and entertainment venues.