Yesterday, SunCal submitted to the City of Alameda an “Optional Entitlement Application” (OEA) development plan for Alameda Point that includes 3,510 new homes and the redevelopment of roughly 202 existing residential units. The plan includes approximately 4.57 million square feet of commercial uses.
SunCal presumably would apply for a density bonus on the plan, which if granted at the maximum bonus level (35%) across all new and existing homes would mean they would be entitled to build and redevelop over 5,000 homes at Alameda Point.
In a footnote to their cover letter for the application, SunCal writes “This modification to the prior OEA submittal is not a waiver by Developer of its reserved rights with respect to the
City-issued Notice of Default, as specified in the reservation of rights letter delivered to you concurrently herewith.” Last week, a SunCal representative told City Council that they dispute that they are in default of the Exclusive Negotiating Agreement, and that they intended to send a “reservation letter” with their new OEA submission.