Homebuilder Lennar (NYSE: LEN) plans to sell up to 500 acres of land on Mare Island to a smaller development group, giving up its role as master developer of the former Naval shipyard-turned-planned community.
Mare Island encompasses over 5,000 acres off of Vallejo, nestled between the Napa River and San Pablo Bay. Miami-based Lennar has added over 350 single-family homes to the South Mare Island site and was slated to redevelop about 650 acres in total. The city’s reuse plan for Lennar’s portion…
