See how the $8 billion Shipyard development is transforming this SF neighborhood

Tuesday, 05 December 2017, 04:39:58 AM. Lennar Corp. and Five Point In San Francisco, an influx of tech workers has driven up the cost of housing and pushed natives to the far reaches of the city. And in the remote waterfront neighborhood of Hunters Point, an entirely new community is rising on the site of a former nuclear testing facility. Lennar Corp. - the nation's largest housing builder - and its California-based spinoff Five

sf shipyard lennar five point renderings 7Lennar Corp. and Five Point

In San Francisco, an influx of tech workers has driven up the cost of housing and pushed natives to the far reaches of the city. And in the remote waterfront neighborhood of Hunters Point, an entirely new community is rising on the site of a former nuclear testing facility.

Lennar Corp. — the nation's largest housing builder — and its California-based spinoff Five Point have set out to transform the retired San Francisco Naval Shipyard into a bustling live-work community with 12,000 new homes and approximately five million square feet of office and commercial space. The project has a price tag to match its hefty ambitions: $8 billion.

ALSO READ: SF neighborhood becoming affordable-housing hot spot

The redevelopment of the neighborhoods around the shipyard and Candlestick Park, where the San Francisco Giants once played, began in 1999. The project has taken so long, in part, because it involves the cleanup of radioactive contamination. In the 1940s, the shipyard hosted a federal nuclear program that included a secret laboratory where researchers ran tests on the effects of radiation on living organisms. Its closure in 1994 left behind San Francisco's worst toxic-waste dump.

Now, the "micro-hood" at Hunters Point is starting to take shape, with 234 homes sold (about 83% of the completed units) and another 49 condominiums marketed for sale.

Take a look inside the rebranded San Francisco Shipyard.

SLIDESHOW: Pictures of the massive housing development 

The bus ride to The SF Shipyard reminds me of the approach to Walt Disney World when I was a kid. For half a mile back, roads signs welcome you to a real-estate wonderland.

Melia Robinson/Business Insider

After a roughly 45-minute bus ride from downtown, I arrived in The SF Shipyard.



It was less glamorous than I expected. Wire fences separated swaths of dirt from other plots of dirt. A few residents walked their furry companions along the paved roads.

Melia Robinson/Business Insider

The city bus drops residents off along the back of the development, where rows of condominiums meet what remains of the retired San Francisco Naval Shipyard.

Melia Robinson/Business Insider

See the rest of the story at Business Insider

See Also:

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  • Inside the last slice of old-school San Francisco where you can still buy a home for under $1 million
  • A startup is turning old hotels into dorm-like housing for San Francisco's forgotten middle class — here's what it's like inside

SEE ALSO: Another former radioactive-waste site off the coast of San Francisco is turning into a $5 billion housing development

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