Developer Five Point Shoots for IPO

Five Point Holdings, a developer owned by Lennar Corp. that has major projects underway in California, plans to go public. The company specializes in multi-use projects throughout the state.

Five Point is doing redevelopments of the Hunters Point shipyard in San Francisco and the El Toro base in Irvine. In all, it has six projects under development throughout the state that could potentially include 50,000 residences and 20 million square feet of commercial real estate space.

Lennar, which is based in Miami, plans to retain a one-third ownership of Five Point. Investors that plan to sell their stakes include Starwood Capital and MSD Capital.