FivePoint began work at the former Candlestick Park site on 9 September 2026. The first construction is roads and utilities across seven city blocks (Office of the Mayor, 9 September 2026).
A reader who tracks when rooms reach the market works from the entitlement, the financing and the windows that carry dates. The district's lodging line sits in a recorded agreement, and the release that announced the shovel carries no room count.
The room entitlement in the recorded agreement
The Fourth Amendment to the disposition and development agreement, dated 6 August 2025, sets 130,000 gross square feet of hotel use on the Candlestick Site. The same document sets 2,800,000 gross square feet of research and development and office uses on the site, 2,096,500 on the Hunters Point Shipyard and 120,000 gross square feet of hotel use on the Shipyard.
The agreement sets a bonded indebtedness limit of $5.9 billion for the two sites. It sets 30 years from the 2024 Plan Amendment Date to incur indebtedness at Candlestick and 45 years to repay it, with an additional 15 years for the Navy's remediation delay at the Shipyard.
The Board of Supervisors approved the final subdivision map on 16 June 2026 (Houseberry, 4 August 2026). A final map turns the entitlement into recordable parcels, and a buyer needs parcels before a vertical permit.
The two-year window and the land sale
CRE Daily reports the first-phase cost above $130 million, attributed to the Office of Community Investment and Infrastructure, and a two-year infrastructure window (30 July 2026). FivePoint funds most of that cost before the city reimburses it from property tax revenue.
The Real Deal reported on 7 August 2026 that FivePoint will spend $130 million of its own capital with a $20 million Federal Highways Administration grant. After the utility channels are laid and the roads are paved, the firm is most likely to sell the land to developers who build the first phase's 675 housing units and one million square feet of office space.
The city moved two million square feet of development entitlements from the Hunters Point Shipyard to Candlestick, and the city amended the development agreement to divide three large construction phases into seven smaller ones. OCII executive director Thor Kaslofsky described both changes to that outlet. Each smaller phase needs less capital at the start.
Kaslofsky gave the exit in his own words. "The equity partner route is an option, but they are a land developer, and land developers often sell their land," he said. "They've talked mostly about selling."
The submission window that closes 8 October
OCII sent a request for proposals to develop, own and operate up to 100 affordable units at Candlestick. Submissions close 8 October 2026 (The Real Deal, 7 August 2026). That window is the first dated item on the district's calendar.
The supply position the district enters
San Francisco carried zero hotel rooms under construction in 2025, down from 169 rooms in 2024 (Atlas Hospitality Group data, reported 16 January 2026). The city's projections for 2026 read 70.7 percent occupancy and a $266.16 average daily rate (San Francisco Travel, 26 August 2026).
Houseberry puts full completion at 2048 and the main park at 2042 (4 August 2026). The district's hotel use is entitled at 130,000 gross square feet, and no developer has published a room count for it.
A revenue reader can date the district's first rooms on three events: a land sale to a phase developer, a first building permit, and a published room count. None of the three carries a date today.