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SAN FRANCISCO-The San Francisco Redevelopment Commission on Tuesday granted Lennar Corp. more time to fulfill its Hunters Point Naval Shipyard development agreement due to the poor economic climate. Infrastructure for the the first 1,500 housing units is largely in place. Vertical construction on the first phase of those residential units was previously slated to get underway in mid-2007. This latest time extension gives Lennar until late 2011 to complete the first 88 units.

Miami-based Lennar, one of the nation’s largest homebuilders, holds agreement to build out the Shipyard and Candlestick Point. The voter-approved plan would remake contiguous waterfront districts with 10,500 housing units, retail and commercial development, parks and possibly a new football stadium.

Lennar reportedly believes it won’t turn a profit on the first 1,300 units planned for the Shipyard but is moving forward regardless because it believes it can make a profit on future phases—future phases it may not maintain the rights to develop if it does not clear certain development hurdles, such as getting this first phase up and running.

In April, Lennar showed reporters renderings and models of the initial project, which would cover two blocks on a hilltop within the former shipyard. Considered the gateway parcels to the Hilltop area of the Shipyard, their redevelopment was initially approved more than a decade ago. The parcels are bounded by Donahue Street to the northwest, Friedell Street to the southeast, with Innes Avenue running between them, and pocket parks abutting each of them. Completion of the pocket parks will be delayed by a couple of years as part of the revised schedule.

One of the blocks is slated to hold 63 condominiums (53,231 square feet of livable space) above sunken parking. The mix includes one studio, 31 one-bedroom units and 31 two-bedroom units. The units range in size from 449 square feet for the studio to 930 square feet average for the one-bedroom to 1,202 square feet for the two-bedroom units. The other block is slated to hold 25 two and three-bedroom town home condominiums ranging in size from 906 square feet to 1,542 square feet and averaging 1,112 square feet. The expected pricing is $550,000-$730,000 for the 25 townhomes and $375,000-$625,000 for the 63 condominiums. An additional 159 units are slated to be built by mid-2012.

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