The work comes three months after Lennar Corp., the Miami-based Fortune 500 company the city tapped to manage the redevelopment efforts, and the SFRA released the details of their plan for redeveloping two well-known chunks of the city's southeast shore. The combined plan calls for a new NFL football stadium, two million sf of office space, 700,000 sf of retail and entertainment uses, 9,000 housing units (25% affordable), 350 acres of open space and an 8,000 to 12,000 seat performance venue.
In late November, Lennar and the city released a plan for Candlestick Point only that included a new NFL stadium. The plan was released despite the fact that two weeks earlier the NFL's San Francisco 49ers, citing among other things the plan's lack of surface parking for fans' pre- and post-game tailgate parties, announced they would focus on building a new stadium in the city of Santa Clara. Shortly after the team's announcement, the city scrapped its bid for the 2016 Olympics. The new stadium was slated to host the opening and closing ceremonies.
In an attempt to lure the San Francisco 49ers back inside city limits, the revised, combined plan moves the stadium to Hunter's Point, a contaminated 500-acre site the Navy is cleaning up and conveying to the city's redevelopment agency in stages. The stadium would be encircled with expansive fields of reinforced grass that would be used for tailgating on game days and for sports and other recreation the rest of the year. The Navy has promised to expedite the clean-up and conveyance of the proposed 27-acre stadium parcel by June 2009 to facilitate the football team's goal of playing in a new stadium in 2012.
On the financial side, the incentives includes the city donating the land to the team and Lennar contributing $100 million in cash and also helping to finance stadium infrastructure (parking, roads, utilities). The 49ers have said the proposal represents progress and that there are still issues to be resolved, such as the specific plans for public transportation and traffic flow management. Meantime, they continue to work with the City of Santa Clara.
Lennar and city officials say the redevelopment of Candlestick Point and Hunter's Point will occur regardless of the 49ers ultimate decision and that it will be financed with private money and borrowings against future property taxes to be generated from the redevelopment. Lennar is planning to complete the redevelopment by 2021.
The 49ers current lease at Candlestick runs through the 2008 season. The team holds three five-year options that could extend it through 2023.
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