California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Lennar Looking to Relinquish Mare Island Mega-Development
Miami-based Lennar reportedly plans to divest up to 500 acres on Mare Island to Nimitz Group. The move would signal it is relinquishing its role as master developer of the more than 5,000-acre mega-development in Vallejo, CA.
So far, Lennar has built 350 single-family homes on the South Mare Island site, though it controls roughly 650 acres of the former Naval shipyard. Lennar’s has entitlements for another 1,050 single-family and multifamily units, as well as roughly seven million feet of commercial space.
The transfer to Nimitz would initially involve 250 acres, followed later by another 250 acres of leased land undergoing environmental remediation. Mare Island has received federal Opportunity Zone status.
Nimitz is a partnership between Gaylon Lawrence, Jr., a billionaire Memphis investor, and Dave Phinney, a winemaker behind the Savage & Cooke Distillery on South Mare Island. Nimitz has proposed redeveloping 157 acres on the island’s northern portion with a 15-acre wine facility, a 56-acre film campus, as well as industrial and park space.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition




