In 1997, the City of Vallejo selected
Lennar Mare Island, LLC as its master developer for the reuse of Mare Island. Lennar Mare Island draws
directly from both the community development and the commercial real estate expertise of its parent corporations
Lennar Corporation, NYSE Lennar and the LNR Property Corp., NYSE LNR, respectively.
In March of 2002, 650 acres of the former
Mare Island Naval Shipyard were transferred from the Navy to the City of Vallejo and then to Lennar Mare Island, LLC.
The transfer represents the start of Lennar Mare Islands $260 million recevelopment effort. It will create
approximately 8,000 jobs, 7 million square feet of commercial space, 1,400 residential units and new recreational,
open space and historical areas.