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San Francisco Shipyard Overview

Industry-leading master developer Lennar Corporation is launching the luxury sister community to the successful San Francisco Shipyard, the largest development project in San Francisco. The five-year real estate venture will expand the existing Candlestick community into a luxury residential, lifestyle, and retail destination on the shores of the San Francisco Bay.

The 280-acre master-planned development will include a new, fully-serviced “green” community featuring waterfront access, diverse residential neighborhoods containing approximately 6,225 luxury homes, extensive parks and trails, retail centers—including a 550,000 sq. ft. luxury mall—artist studios and a new commercial research and development hub.

Quick Project Facts

  • Construction Dates: 2013-2018
  • Amount Raised: $427,000,000
  • Investors: 854
  • Jobs Created: 12,121 (projected)
  • Size: 775-acre master-planned development
  • Residential Units: About 12,000
  • Commercial Space: 3.5 million sq. ft.
  • Retail Space: About 1 million sq. ft.
  • Open Space: 336 acres

The San Francisco Shipyard is the City of San Francisco’s largest-ever development project. This 20-year real estate venture is creating a vibrant new community on the shores of the San Francisco Bay. Situated 15 minutes from downtown San Francisco and only 45 minutes north from the bustling Silicon Valley, The Hunter's Point Shipyard is ideally located in one of America’s most vibrant communities.

As a 775-acre master-planned development, it will provide opportunities for people to live, work, play and raise families in a new waterfront community. It will include 12,000 new housing units, 3.5 million square feet of commercial space, 895,000 square feet of retail space, and nearly 336 acres of recreational open space.

As a public-private partnership between the City and County of San Francisco and Lennar Corporation (NYSE: LEN), one of the largest residential builders in the United States, the San Francisco Shipyard has received a variety of honors for superb planning, sustainability, community involvement, and its economic transformative potential. New homes, parks, retail and office space are currently under construction.

For more information about the project, please visit the following websites:

Townhomes:

Two- to three-story buildings with homes averaging 1,400 square feet in size, plus attached garages.  Sale prices will average $1,350,000 per home.

Flats:

Three- to four-story buildings with homes averaging 888 square feet in size, with parking provided in a separate parking garage. Sale prices will average $965,000 per home.=

Parking Garage:

Vertical construction of an approximately 1,700-space parking garage.

The San Francisco Shipyard and Candlestick Point Project is a public-private partnership between the City of San Francisco and Lennar Corporation. In March of 1999, through an extensive public process, the City of San Francisco chose Lennar Corporation as the Master Developer for the San Francisco Shipyards. In subsequent Disposition and Development Agreements (“DDA”) between the City of San Francisco and Lennar, Lennar was given the right to develop all 770 acres that make up the Hunters Point Shipyard and Candlestick Point Project.

The City of San Francisco has been a partner in almost all facets of the project – land planning, transportation, financing, timeline, permitting, and more. As outlined in the DDA, the City of San Francisco plays an oversight role in assuring that Lennar remains in compliance with the schedule of performance, completion of the project, etc., as outlined in the DDA.

Please click here for the City of San Francisco’s website for the Hunters Poit Shipyard, the San Francisco Shipyard and Candlestick Point Project.

Please click here for a letter from the City of San Francisco describing the public private relationship.

Lennar Corporation, founded in 1954, is consistently one of the top 3 largest homebuilders in the United States. They are a publicly traded company (NYSE: LEN), and in 2012 had revenue of near US$4 billion. Lennar has built homes in 15 states and over 50 cities across the United States.

Key highlights in FY 2012:

  • The National average sales price of home delivered increased by 4.5% to $255,000.
  • Home sales dollar value of $1.2 billion was up 107%.
  • Gross margin on homes sold increased by 14.1% to 22.7%
  • Owned and controlled 128,500 homesites.
  • 13,802 Home Closings
  • Total Revenues: $4.1B
  • Net Income: $679.1M
  • Total Assets: $10.3B
  • Cash and Equivalents: $1.5B
  • Debt to Total Capital: 0.50

With respect to the San Francisco Shipyard and Candlestick Point Project, Lennar holds rights to develop all 770 acres. Furthermore, they hold title to the land for all land in San Francisco Shipyard Phase I. They are responsible for:

  • Project planning and design
  • Project management and quality assurance
  • Construction
  • Timely project execution

Please visit the Lennar Corporation website for more information.

Fund 1 (Shipyard Series A)
Horizontal infrastructure installation

Investors: 54
Amount Raised: $27,000,000
Construction start: 2013
Completion: 2015
I-526 Approval Rate: 100%
Jobs Created: 603 (projected)
Exemplar Approval Letter (Feb 2013)

Fund 2 (Shipyard Series B)
Horizontal infrastructure installation

Investors: 100
Amount Raised: $50,000,000
Construction start: 2013
Completion: 2016
I-526 Approval Rate: 100%
Jobs Created: 1,330 (projected)
Exemplar Approval Letter (Feb 2013)

Fund 3 (Shipyard Series C)
Hilltop homes and infrastructure installation

Investors: 192
Amount Raised: $96,000,000
Construction start: 2014
Completion: 2016
I-526 Approval Rate: 100%
Jobs Created: 2,139 (projected)
Exemplar Approval Letter (Oct 2016)

Fund 4 (Shipyard Series D)
Construction of Hillside-D homes

Investors: 71
Amount Raised: $35,500,000
Construction start: 2015
Completion: 2018 (expected)
I-526 Approval Rate: Pending
Jobs Created: 847

Fund 5 (Shipyard Series E)
Construction of Hillside-E homes

Investors: 127
Amount Raised: $63,500,000
Construction start: 2015
Completion: 2018 (expected)
I-526 Approval Rate: Pending
Jobs Created: 1,408 (projected)
Exemplar Approval Letter (Oct 2016)

Fund 6 (Shipyard Series F)
Infrastructure installation for Candlestick

Investors: 31
Amount Raised: $15,500,000
Construction start: 2015
Completion: 2018 (expected)
I-526 Approval Rate: Pending
Jobs Created: 930

Fund CP (Shipyard Series G)
Construction of townhomes, flats, and parking garage

Investors: 279
Amount Raised: $139,500,000
Construction start: 2018
Completion: 2021 (expected)
I-526 Approval Rate: Pending
Jobs Created: 4,864

The information provided in these materials for Golden Gate Global (“GGG”) or in any communication or other materials containing a website link to www.3gfund.com is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation. Neither the information nor any opinions or views expressed herein constitutes an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any offer or sale of securities in any jurisdiction where such offer, solicitation or sale is not permitted. Any offer of securities in any project may only be made pursuant to a written private placement memorandum and other documents, as evidenced by a properly executed subscription agreement, and only then as permitted by applicable securities laws.

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