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FivePoint says next wave of infrastructure work at Candlestick Point could begin in 2026

The timeline comes after the Irvine-based developer said it would seek to proceed with Candlestick as a standalone development. FivePoint Holdings plans to begin building out infrastructure to support the next wave of development at Candlestick Point in 2026, the company (NYSE: FPH) said during a first quarter earnings call Thursday. CEO Dan Hedigan told analysts FivePoint is working on engineering for the infrastructure 'with the expectation of starting construction early next year.' The infrastructure work, which includes the extension of Harney Way and Arelious Walker Drive, would allow for approximately 700 housing units as well as future commercial development, FivePoint Senior Vice President Suheil Totah said Friday in a statement provided to the Business Times. FivePoint is working to secure permits to begin the infrastructure work, Totah added. The updated timeline for infrastructure buildout is among the most concrete FivePoint has put to Candlestick in recent years. It comes approximately six months after the developer secured city approvals to amend the development agreement that governs the future of both Candlestick and the nearby Hunters Point Shipyard. Those amendments implemented a host of changes meant to help advance work at Candlestick. That included granting FivePoint permission to transfer 2 million square feet of commercial uses from the nearly 500-acre Hunters Point, which was approved in 2010 for 3,500 homes and 5.4 million square feet of commercial use, to the 280-acre Candlestick, which simultaneously received approvals for 7,200 homes and just more than 1 million square feet of commercial use. Those approvals, operating under the assumption that the Shipyard and Candlestick would be developed in tandem with one another, intertwined the economics of the two sites, positioning the commercial footprint at the Shipyard as a way to balance out more residential units and affordable homes at Candlestick. But failed remediation efforts at Hunters Point, once home to a lab used by the U.S. Navy to study radiation and nuclear weapons, have held up its redevelopment, even as Candlestick remained shovel-ready. The Navy retains possession of approximately 408 acres at Hunters Point, FivePoint said in public filings, and has repeatedly pushed back its timeline for that property, most recently to 2038. FivePoint said the amendments to the development agreement approved last fall would make it possible to proceed with Candlestick as a standalone project. The developer has yet to secure either a capital partner or a tenant commitment for the project, two things it has said would be catalysts for vertical development at Candlestick. But the buildout of new infrastructure there would open the door for the first new development at Candlestick since the 337-unit, 100% affordable Alice Griffith community was delivered there in 2018, and could help attract new interest. Hedigan told analysts Thursday FivePoint is continuing to explore opportunities to bring on a partner at Candlestick. The CEO said last year any future venture could look something like the one FivePoint established with various capital partners at its Great Park mixed-use project in Irvine, which also spans thousand of units and millions of square feet worth of commercial development. There, FivePoint works closely with its partners and maintains an equity interest in the project. Nearly every large-scale redevelopment effort in San Francisco is on pause amid current, unfavorable economic conditions. But Candlestick specifically caught the eye of San Francisco Mayor Daniel Lurie, who toured the site early this year in the weeks after he took office. Lurie, speaking to the crowd at the Business Times' 2025 Mayors' Economic Forecast event in February, said he wanted to know how the city could enable FivePoint to move faster at Candlestick. 'The bureaucracy wants to slow us down,' Lurie said then. 'We are going to be rock solid in our push to make things go faster.' Shares of FivePoint stock were trading at $5.68 per share at market close Friday and are up more than 50% since the beginning of the year.