The much-ballyhooed $1.7 billion redevelopment deals between Chinese investors and Lennar Corp. to build 12,500 new homes at Hunter’s Point and a string of skyscrapers on Treasure Island have collapsed. The Chronicle’s Matier & Ross broke the news in a post at SFChronicle.com this morning. Among the most ambitious development plans in San Francisco’s history, the projects were to have been the centerpiece of Mayor Ed Lee’s just-concluded trip to China. The mayor has been largely silent about the trip since his return last week. No one from the mayor’s office was quoted in connection with this morning’s news of the deal’s blow-up.
The Chronicle cites a “source familiar with the deal” between Lennar and China Development Corp. and the Chinese national railway as saying talks fell apart over disagreements as to who would control the projects as well as Internal Revenue Service issues related to the Chinese firms involved.
The news comes a day after Gov. Jerry Brown, while in Beijing during his trade mission to China, announced that Chinese investors were on board for a $1.5 billion mega-development to remake the Oakland waterfront near Jack London Square.
Politics,
Urban Affairs
