Lennar Hails Voter Approval of Prop G

Business Wire,  June 4, 2008  

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SAN FRANCISCO -- Lennar Corporation released the following statement this evening following the decisive victory of Proposition G and the resounding defeat of Proposition F. With 89 percent of precincts reporting, 61.4% of voters had approved Proposition G and Proposition F was losing by a 62% to 38% margin.

"After 10 years of being a part of the Bayview community, we want to thank the city and the residents of San Francisco for the vote of confidence they have given us tonight to carry forth their vision for the Bayview-Hunters Point," said Emile Haddad, chief investment officer for Lennar.

Kofi Bonner, President of Lennar Urban, said: "The voters of San Francisco have overwhelmingly approved a new and far more promising future for the residents of Bayview Hunters Point. The outcome means that we can at last begin creating thousands of affordable homes, hundreds of acres of parks, 8,000 good paying jobs and a potential site for a new 49ers stadium that would be the envy of the NFL."

Mr. Bonner added: "We want to thank in particular the Bayview community, Mayor Gavin Newsom, Senator Dianne Feinstein, Supervisor Sophie Maxwell, the San Francisco Labor Council for their support - and, of course, the voters of San Francisco. We now look forward to working with the community, the city, labor and our joint venture partners to make the vision of Prop G a reality."

Proposition G authorizes the land use provisions needed to create an integrated mixed-use development on 770 acres in the southwest tip of San Francisco that is currently home to an abandoned Navy shipyard and Candlestick Point. It also rescinds the city's obligation to provide $100 million in bond funding for a new football stadium.

The measure allows for the construction of up to 10,000 homes at the two sites plus space for retail, offices and more than 300 acres of park and open space. Thirty-two percent of the housing will be affordable--believed to be the highest commitment of its kind in the city's history. Lennar will donate $27.3 million to residents of the adjacent Bayview-Hunters Point to assist in housing purchases, either in the new development or the existing neighborhood.

Lennar also will provide a site for the construction of a new stadium for the San Francisco 49ers at Hunters Point, if they choose to remain in the city, at no cost to taxpayers.

"Today's vote enables us to roll up our sleeves and immediately start working with the 49ers and the NFL on a deal that will keep the team in San Francisco," said Carmen Policy, the former President of the 49ers.

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