FivePoint Holdings broke ground at Candlestick Point on 9 September 2026. The Real Deal reported the ceremony in its 12 September 2026 account and put the project's age at 25 years.
The site runs to about 270 acres. The entitlement carries 7,218 homes, retail, parks and 2.8 million gross square feet of research, development and office use. The Fourth Amendment to the project's financing documents states both the 2,800,000-square-foot commercial figure and 130,000 gross square feet of hotel use on the Candlestick Site.
The public question is the sequence. The city and the developer restructured the deal to start with roads and utilities. That restructuring carries the terms a counterparty has to price.
What the Restructuring Changed
The Fourth Amendment sets a Bonded Indebtedness Limit of $5.9 billion. The figure is the aggregate bonded indebtedness that can be outstanding at any time across the Shipyard Site and the Candlestick Site together. It sets repayment periods of 30 years and 45 years from the 2024 Plan Amendment Date, and allows a further 15 years for the Navy delay.
Houseberry's 4 August 2026 account reads the same restructuring at the Board of Supervisors. It records the bond debt ceiling moving from $800 million to $3.3 billion and the tax-increment deadline moving from 2036 to 2070. The two documents measure different instruments, and each figure stands with its publisher.
The Delivery Record Behind the Terms
One phase is finished. Houseberry records 337 homes built on the project in 18 years as of October 2024, all of them Alice Griffith replacement units. That is about 4.5 percent of the 7,218-home entitlement.
The schedule has moved the other way. Houseberry records completion moving from 2036 to 2048, the main park once promised for 2026 landing in 2042, and the first residents arriving around 2030, with late 2028 as the first real test.
The infrastructure for the first seven blocks is about two years of work. No vertical construction sits inside this phase.
The Procurement Signal
FivePoint has no capital partner. The Real Deal reported on 7 August 2026 that the firm expects to sell land to developers once the utility channels are laid and the roads are paved.
OCII sent out a request for proposals to develop, own and operate an affordable housing project of up to 100 units at Candlestick, with a submission deadline of 8 October 2026. The city also amended the development agreement to split three large construction phases into seven smaller ones, which reduces the capital each step needs.
The city is transferring 2 million square feet of development entitlements from the Hunters Point Shipyard to Candlestick, according to OCII's executive director.
What a Counterparty Checks
Three dates carry the file. The close of the 100-unit request for proposals on 8 October 2026. The two-year infrastructure window for the first seven blocks. The late-2028 test Houseberry names for the schedule.
The comparison the city draws sits a few miles north. The Real Deal reported on 7 August 2026 that the Dogpatch Power Station has laid much of its supporting infrastructure, has broken ground on an affordable housing project, and that its developer Fifth Space struck a deal with JPMorgan Chase that week to finance a 342-unit waterfront apartment complex.
A district that reaches its first vertical construction after a restructured bond limit, an extended repayment clock and a request for proposals on 100 units has traded time for terms. That trade sits on the record.