Developer FivePoint Communities has cleared hurdles, and the financing flowing again for two major California projects, one on San Francisco's Treasure Island and one at the El Toro Marine Corps Air Station near Irvine.
Reporter Teresa Burney talks with Emile Haddad, CEO of FivePoint Communities, about the challenges of operating in today's economy. In the article, Haddad says, "We will be in the position of being the only private developer who can deliver finished home sites there when the market comes back."
Burney writes that FivePoint's major projects are getting financing and planning approvals in order to proceed:
"Last July approvals for 11,000 home sites and three million square feet of commercial were filed for Hunters Point /Candlestick Park, and a settlement with the Sierra Club was worked out in January; a settlement is being worked on with another group as well, Haddad said."
FULL STORY: FivePoint Communities Plans Ambitious Developments for California
S.F. Bay Area Megaprojects Not Coming to Fruition
Plans for numerous large-scale developments in the region mean thousands of housing units should be on the way, but constant delays and setbacks have left projects nowhere near completion.
California's Business-Friendly, Bipartisan Approach to Climate Change
Gov. Jerry Brown, accompanied by former Gov. Arnold Schwarzenegger, signed legislation to continue the cap-and-trade program initially authorized under a bill signed by his Republican predecessor 11 years ago at the same Treasure Island location.
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San Francisco is starved for ideas for ways to meet growing demand for housing, and skyrocketing prices. Here's a big idea: how about building space for some 20,000 new residents on Treasure Island, located in the middle of the bay?
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