SAN FRANCISCO—Plans for a $1.7 billion residential development at the former Hunters Point Naval Shipyard and nearby Treasure Island are on the scrap heap after a deal between the developers has failed.
The San Francisco Chronicle reports today that the impasse was the result of disagreement between the Chinese developers and their U.S. partner, Lennar Corp., over the degree of control each would have.
The Chronicle, quoting unamed sources, also said there were unresolved tax issues with the Internal Revenue Service over the Chinese firms' involvement.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
