The question may seem strange to voters who just gave Lennar the green light to redevelop the Shipyard and Candlestick Point by voting Yes on Proposition G.
But it sure looks like there’s a major financial problem at Lennar’s construction site on Parcel A of the Shipyard ( the first piece of land on the former naval base to be developed), judging from documents obtained from the City.
“Without the requested $25,021,079 Infill grant allocation, our infrastructure project faces a serious risk of being mothballed,” wrote Stephen Maduli-Williams, Deputy Executive Director of Community and Economic Development for the San Francisco Redevelopment Agency, on May 23, 2008. “The project would face increased costs from work stoppage, remobilization efforts and substantial change orders.”
Maduli-Williams was writing to Wanda Yepez, a grant program manager at the California Department of Housing and Community Development, to appeal a grant application that Yepez determined as ineligible a week earlier, on May 16, 2008.
In his May 23 appeal, Maduli Williams stated that, “In addition to setting national benchmarks in the percentage (in terms of total units developed) and affordability level of housing units created, this project sets benchmarks with its level of developer commitment/investment as well as other community benefits (Legacy Fund).”