Rent Increase Survey

Have you submitted your latest rent increase data to the rent increase survey?

Alameda Point Developer’s Finances Opaque

ZhenZhen Li is keeping her development financing confidential.

ZhenZhen Li is keeping her development financing confidential.

The public is unlikely to learn the financial backers behind an Alameda Point developer selected by the city in July, as the key principal has elected to file that information with city officials as confidential information not subject to disclosure.

ZhenZhen Li, the principal behind Alameda United LLC, the entity in contract with the City of Alameda to develop two parcels of land at Alameda Point, filed a Statement of Qualifications with the city by the end-of-August deadline, but reserved all financing details as “confidential financial information.”

The decision by Li means that the public is unlikely to see information to help it understand if, after multiple developers for the former navy base have come and gone, Alameda United has the financial wherewithal to handle the redevelopment of the former Bachelors Enlisted Quarters and 5.5 acres of former taxiway land along the Seaplane Lagoon.

Alameda City Council ousted developer SunCal from a master redevelopment plan for the former base in 2010, after the Irvine-based developer was soundly beat at the ballot box in May of that year, and after its lead financing partner, Lehman Brothers, filed for bankruptcy, throwing dozens of SunCal projects into disarray.

As it stands now, only city officials will review Alameda United’s financing structure to determine if it is adequate.

The Statement of Qualifications document, obtained by Action Alameda News through a public records request, filed by Li stresses the background of professional and engineering firms such as Salvatore Caruso Design Corporation that Alameda United will call upon for the project, but is light on Li’s development background, and the financial qualifications section provides only one page with the text “Submitted as ‘Confidential Financial Information.'”

The Team Management section, reads, in part, “the team members of The Alameda United Commercial LLC and ZhenZhen Li have developed projects in Shanghai, Tiziano Villas, Fengze Bay China Historic, contemporary projects in the U.S., China, Italy and Japan.”

An Action Alameda News review of documents obtained through public records requests for projects that Li led in the cities of Dublin (a day care center) and Palo Alto (a three-story, six-unit residential condominium complex) provided no further hints to Li’s financing sources.

The mailing address that Li provided for notices pursuant to Alameda United’s agreement with the City of Alameda resolves to a residential address in Saratoga, California; Zillow estimates the home to be worth $1.9 million.

Li had not responded to inquiries about Alameda United’s financing made via e-mail and telephone by press time.

Comments are closed.

  • ALAMEDA FIRE: Live fire training at AFD Training Center (Alameda Point) today, 9 am - 12 pm, and tomorrow, 9 am - 4… ,
  • ,
  • ,
  • ,
  • ,