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Council to Consider Two Developer Finalists for 68-acre Alameda Point Parcel

The City of Alameda is considering two developers to develop 'Site A' at Alameda Point.

The City of Alameda is considering two developers to develop ‘Site A’ at Alameda Point.

When Alameda City Council returns from August hiatus, it will consider two developers as candidates to build out ‘Site A’ – a 68-acre parcel of land at Alameda Point within the Waterfront Town Center zoning district, slated for mixed-use residential and commercial development.

According to the staff report for the September 2nd meeting, Alameda Point Partners and Brookfield Residential ranked highest out of ten applicants for moving forward on an Exclusive Negotiation Agreement (ENA) with the city.

Alameda Point Partners is a project-specific consortium of Thompson Dorfman Partners, SRM Ernst Development Partners, Madison Marquette, Tableu Development Company, O2-blue and Eden Housing.

City staffers say high-level executives, not junior staff, would be the ones working with the City of Alameda on a day-to-day basis if the partnership, which is backed by Tricon Capital Group, ultimately develops the site.

Brookfield Residential has “substantial financial resources” the report says and works with Urban Community Partners, an advisory firm made up of people that worked on redevelopment projects at the former Fort Ord army base on Monterey Bay.

The staff report lays-out a high-level timeline of next steps, assuming that City Council confirms the two finalists:

  1. August – Developer continues due diligence on sites.
  2. September – City Council approval; City/developers start term sheet negotiations; and City hosts open house so that the community can meet prospective developers and learn about their past project experience.
  3. October – Subsequent term sheet negotiations; City Council closed session; staff selection of preferred developer; and final term sheet negotiations.
  4. November – Staff report recommending preferred developer for Site A and ENA (with final term sheet attached) released to public; and City Council public hearing.

Following the selection of a preferred developer, the city would work with the developer to produce a Disposition and Development Agreement and a detailed development plan for the site.

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