Five Point Retains Prominent San Francisco Advisory Group and Transitions San Francisco Operations
February 20 2020 - 8:00AM
Business Wire
Five Point Holdings, LLC (“Five Point” or the “Company”)
(NYSE:FPH), an owner and developer of large mixed-use,
master-planned communities in California, today announced it has
transitioned the operations for its Candlestick® and The San
Francisco Shipyard® communities in the City of San Francisco.
As part of the transition, the Company entered into a consulting
arrangement with a newly-formed entity, Shipyard Advisors, LLC,
whose three principals are: Willie Brown, former Mayor of San
Francisco and Speaker of the California State Assembly; Steven Kay,
prominent attorney and businessman in San Francisco; and Kofi
Bonner, former Co-Chief Operating Officer of Five Point. In
connection with the new consulting arrangement, Mr. Bonner will
resign from his Co-COO position at Five Point to join Shipyard
Advisors.
Shipyard Advisors will work closely with the Company on a number
of initiatives. The primary initiative will be facilitating
communications between the various federal, state and local
agencies to accelerate the completion of the government’s
re-assessment and, if necessary, remediation of environmental
conditions at the Hunters Point Naval Shipyard and the subsequent
conveyance of land for redevelopment of this vital area of San
Francisco.
Emile Haddad, Chairman and CEO, said, “More than 20 years ago,
the City of San Francisco committed to redevelop the Hunters Point
Naval Shipyard into a vibrant new mixed-use development benefiting
the neighboring Bayview community and the city at large. One of
those commitments is the delivery of new affordable homes, which
are needed more today than ever. I believe this new arrangement
will bring a focused effort by everyone to allow this project to
move forward and deliver the housing and benefits long-since
anticipated for this community.”
Mayor Brown added, “Working alongside Emile and the Five Point
team, Shipyard Advisors will join forces with the City and the
federal and state agencies to give the community the economic
opportunities they deserve and need, as well as to connect the
Candlestick and Shipyard communities to the downtown.”
In connection with the resignation of Mr. Bonner, Lynn Jochim
will be the sole Chief Operating Officer for the Company. Ms.
Jochim is currently serving as the Co-Chief Operating Officer whose
primary duties entail the day to day operations of the Company’s
two communities in Southern California, the Great Park
Neighborhoods® in Irvine and Valencia® (formerly known as Newhall
Ranch®) in Los Angeles County. Her duties now will also include
overseeing the day to day operations of the Company’s communities
in San Francisco, where she will be focusing her efforts on
operations at Candlestick. The Company recently received regulatory
approvals for its first phase of Candlestick, which previously was
planned for a retail fashion outlet mall and is now planned to
include 750,000 square feet of office space, approximately 1,600
homes and 300,000 square feet of lifestyle retail-entertainment and
amenity space. As currently planned, Candlestick ultimately will
include approximately 7,000 homes.
With the transition of operations from Mr. Bonner to Ms. Jochim,
Mr. Haddad commented, “Kofi has successfully led the entitlement
and operational efforts for our Company in San Francisco, including
the recent approvals for our first phase at Candlestick, and we
look forward to continuing our working relationship with Kofi and
Shipyard Advisors. As we turn our focus to Candlestick’s first
phase, I am confident that it will be in good hands under Lynn’s
operational leadership. She has executed exceptionally well over
many years at our Southern California communities, including
recently completing our first land sales at our Valencia community
in Los Angeles.”
About Five Point
Five Point, headquartered in Irvine, California, designs and
develops large mixed-use, master-planned communities in Orange
County, Los Angeles County, and San Francisco County that combine
residential, commercial, retail, educational, and recreational
elements with public amenities, including civic areas for parks and
open space. Five Point’s communities include the Great Park
Neighborhoods® in Irvine, Valencia® (formerly known as Newhall
Ranch®) in Los Angeles County, and Candlestick® and The San
Francisco Shipyard® in the City of San Francisco. These communities
are designed to include approximately 40,000 residential homes and
approximately 23 million square feet of commercial space.
Forward-Looking
Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. These statements concern
expectations, beliefs, projections, plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. When used, the words
“anticipate,” “believe,” “expect,” “intend,” “may,” “might,”
“plan,” “estimate,” “project,” “should,” “will,” “would,” “result”
and similar expressions that do not relate solely to historical
matters are intended to identify forward-looking statements. This
press release may contain forward-looking statements regarding: our
expectations of our future revenues, costs and financial
performance; future demographics and market conditions in the areas
where our communities are located; the outcome of pending
litigation and its effect on our operations; the timing of our
development activities; and the timing of future real estate
purchases or sales, including anticipated deliveries of homesites
and anticipated amenities in our communities. We caution you that
any forward-looking statements included in this press release are
based on our current views and information currently available to
us. Forward-looking statements are subject to risks, trends,
uncertainties and factors that are beyond our control. Some of
these risks and uncertainties are described in more detail in our
filings with the SEC, including our Annual Report on Form 10-K,
under the heading “Risk Factors.” Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
anticipated, estimated or projected. We caution you therefore
against relying on any of these forward-looking statements. While
forward-looking statements reflect our good faith beliefs, they are
not guarantees of future performance. They are based on estimates
and assumptions only as of the date hereof. We undertake no
obligation to update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, new
information, data or methods, future events or other changes,
except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200220005256/en/
Investor Relations: Bob Wetenhall,
949-349-1087 bob.wetenhall@fivepoint.com or Media: Steve Churm, 949-349-1034
steve.churm@fivepoint.com
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