FivePoint Holdings was confident enough about getting the permits needed to take its long-delayed next step toward 7,200 residential units at its Candlestick Point site to peg a timeline to the first quarter of next year during an earnings call.
The market apparently was mixed, sending FivePoint’s stock price rising by as much as 10 percent, in the wake of the announcement from CEO Dan Hedigan, who cited plans for infrastructure work at the site, the San Francisco Business Times reported. On Monday afternoon, the company’s stock price was down 4.31 percent.
FivePoint SVP Suheil Totah told the Business Times the developer is working to obtain permits to extend Harney Way and Arelious Walker Drive as part of a plan to accommodate a phase of 700 residential units along with eventual commercial development.
FivePoint late last year obtained the city’s permission to develop a total of 7,200 homes at the 280-acre Candlestick site. The city also shifted entitlements for 2 million square feet of commercial space from the developer’s nearby Hunters Point project to Candlestick.
The focus on moving the Candlestick project proceeds as Hunters Point remains hung up on questions of environmental remediation of lasting effects of previous U.S. Navy operations there.
FivePoint has moved a start on Hunters Point to 2038 and gotten it detached from Candlestick after years of the two sites being considered in tandem by city planners. The move has the developer seemingly ruddy about prospects for Candlestick, with its plans for starting on infrastructure getting touted ahead of word on any commitments from a capital partner or major tenants.
The infrastructure work and capital commitments would pave the way for progress on Candlestick, which has been quiet since 2018’s completion of the 337-unit Alice Griffith complex as an affordable housing element.
Hedigan said FivePoint could structure a deal with capital partners along the line of the company’s patterns at the Great Park mixed-use project in Irvine.
The Candlestick project meanwhile drew the attention of San Francisco Mayor Daniel Lurie, who pledged support for moving it along at the Business Times’ 2025 Mayors’ Economic Forecast in February.
“The bureaucracy wants to slow us down,” Lurie said then. “We are going to be rock solid in our push to make things go faster.”
— Jerry Sullivan
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