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Who’s paying for $8 billion Shipyard? So far, wealthy foreigners. Soon, Wall Street

July 14, 2015

By Cory Weinberg : bizjournals – excerpt

When the first rows of homes at Hunters Point Shipyard popped out of the ground last year, it was cause for celebration at developer Lennar Urban, which has slogged through the $8 billion project for 15 years.

It was only fitting that the people who helped pay for that construction got their own party: wealthy investors from China, the Philippines, Switzerland and other countries who plunked down $500,000 each in exchange for a U.S. green card as part of the federal EB-5 program. The event was complete with a photo booth and VIP tour of the site.

“It was celebratory. For those clients, they hadn’t come back to see the project in over a year. They got to see the amount of construction they’d helped finance,” said Ginny Fang, the CEO of Golden Gate Global, an investment fund for the EB-5 program.

Nearly $250 million – a huge swath of the moneyLennar Urban has put into the Hunters Point Shipyard project – so far has come from low-interest loans dished out by about 500 wealthy foreigners as part of the EB-5 program over the last three years. That is helping to kickstart the generation-long effort to transform the toxic former naval base, which is next to the low-income Bayview neighborhood, into the city’s new development frontier(more)

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One Comment leave one →
  1. holeshothunter permalink
    July 15, 2015 12:08 am

    I checked. It’s radioactive here and there, and a waste site as well. They better be forced to clean it all up BETTER than Fukushima or no deal.

    Like

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