In a coup for Lennar Corp, San Francisco voters pushed through Proposition G and struck down Proposition F yesterday. Proposition G gave the green light to Lennar’s plans to develop a shipyard at Hunters Point and Candlestick Point. Proposition F would have required that a minimum of 50% of the housing portion of the development master plan be provisioned as affordable housing.

Proposition G encourages the city to support a development plan consisting of:

  • over 300 acres of public park and open space improvements;
  • between 8,500 and 10,000 homes for sale or rent;
  • about 700,000 square feet of retail uses;
  • about 2,150,000 square feet of green office, science and technology, research and development, and industrial uses;
  • a possible arena or other public performance site;
  • a site in Hunters Point Shipyard for a new stadium if the 49ers and the City determine in a timely manner that the stadium is feasible;
  • additional green office, science and technology, research and development, and industrial space, and/or additional housing if a new stadium is not built.

Proposition F would have made it City policy to require:

  • At least 50% of all new housing units developed in the project site would be affordable so that at least:
    • one-sixth of all units are affordable to households earning no more than 80% of the San Francisco median household income (SFMI);
    • one-sixth are affordable to households earning no more than 60% of SFMI; and
    • one-sixth are affordable to households earning no more than 30% of SFMI.

Of course, it should be noted that other hurdles remain in place before all this is built. Environmental reviews need to be conducted, a development agreement has to be crafted and approved by the City’s supervisors, and the project needs to pencil given the fact that Lennar will be responsible for a laundry list of items include site work, transportation upgrades, roads, and other infrastructure.