The Bayview Hunters Point/Candlestick Point project in San Francisco looks like it'll be significantly funded by an unlikely source: the China Development Bank. Bruce Katz and Robert Puentes believe that this deal could change U.S.-China relations.
After failing to get domestic financial backing for the Bayview Hunters Point/Candlestick redevelopment project, developer Lennar Corporation and its partners turned to the China Development Bank, which, for the first time in the U.S. will be investing in a significant private project, to the tune of $1.7 billion of the $3 billion project. Katz and Puentes think that this alliance will be a turning point for Chinese investments in the United States, and could revolutionize the way redevelopment projects are structured.
Katz and Puentes note that, as of now, China and the U.S. are not perfectly compatible when it comes to "firms, workers, quality, and standards." But if the deal goes through, China gets a large investment inside the States and San Francisco gets an "innovative" and prosperous new community.
They add, "If China can find a way to work in San Francisco - where community and labor rights are important priorities - the possibilities for the rest of the country are self-evident. Further integration of the Chinese and U.S. economies could also help alleviate tensions and improve relations."
FULL STORY: The Future of U.S. Redevelopment Financing: China?
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