Existing businesses lease approximately 1.8 million square feet of building space, and generate over $6.6 million in commercial rent revenue. There is approximately 5.3 million square feet of building space available.
A study by Keyser Marston breaks Alameda Point up into four large sub areas for the purpose of illustrating how different economic development approaches may apply to different parts of the former navy base:
- Commercial Reuse – build on existing market position and tenant base.
- Campus – has the potential to be marketed with its own unique identity and northern entrance.
- South of Atlantic – offers best opportunity to attract a large major employer to build a new campus or other specialized project.
- North of Atlantic – assumed to continue to have a primarily residential emphasis.
Among other things, the report recommends naming key buildings and key areas to give them an identity and to celebrate Alameda Point’s history.
Existing industry clusters at Alameda Point should be leveraged to increase leasing and renovation of existing buildings, and the City of Alameda should provide incentives to encourage private investment, Keyser Marston says.
One of the challenges that Alameda Point faces, however, is that it offers a lot of Class C space requiring investment in a market flooded with Class A and B space ready for occupancy. The plan notes that Marina Village had a vacancy rate of 30 percent as of the first quarter of this year, and that there is more than 9.8 million square feet of competitive vacant industrial/warehouse space along the I-80/I-880 corridor.
Here is the overview presentation from the document set.
The entire plan is available online at the City of Alameda’s website.