New housing planned for the massive Hunters Point development in southeast San Francisco can press on despite the looming demise of The City’s Redevelopment Agency, according to the head of the company in charge of project.
Years in the works, the development plan was tossed into turmoil Thursday, when the California Supreme Court upheld a state bill to dissolve 400 redevelopment agencies statewide, including San Francisco’s.
Redevelopment officials fear the decision will dampen investment potential at Hunters Point, but Kofi Bonner, the president of housing giant Lennar Urban, characterized the tumult as only a small setback.
“This ruling, while unfortunate, does not materially change our plans,” Bonner said in a statement. “The court’s decision does require the City of San Francisco to figure out a new entity to oversee The City’s redevelopment assets.
That process may slow us down, especially for the early components, but we don’t think it affects the overall success of this much-needed development.”