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ivePoint Holding has revised its plan for the stalled development in Hunters Point, shifting 2 million square feet of office space to the former Candlestick Park site. The proposal includes an "innovation district" with offices, amid a citywide office market slump with vacancy rates hovering around 30% and values plummeting. This move comes as the San Francisco Board of Supervisors considers new deadlines and tax benefits for FivePoint.

    The project's original promise in 2014 was to rebuild the neglected parcel into a thriving neighborhood with affordable housing, jobs, parks, and infrastructure. However, delays have left the site largely barren, with only three buildings and 337 apartments completed at Alice Griffith Community. The developer is now seeking to extend the tax benefits deadline from 2036 to 2070 and increase bond debt financing from $800 million to $3.3 billion.

    FivePoint's proposal aims to capture business lost to other areas, such as AI companies on the Peninsula. Suheil Totah, a senior vice president at FivePoint, emphasized that housing remains a priority, but commercial spaces are being expanded to adapt to market demands. The Board of Supervisors has opened the possibility of seeking a new developer for the site, citing FivePoint's failure to meet its original construction schedule and only 4.5% of housing completed.