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Alameda Point Developer Needs Time To Settle Finances

The developer for Alameda Point site A is asking the city for my time to settle financing.

The developer for Alameda Point site A is asking the city for my time to settle financing.

Alameda Point Partners, the private developer approved by the City of Alameda for the development of the 68-acre Alameda Point site A, is coming back before city council to ask for more time to finalize finances.

Alameda city council will consider the request tomorrow evening, at the regular council meeting.

The development plan calls for 800 housing units, 200 of which would be affordable, and 600,000 square feet of commercial development running from Main Street to the seaplane lagoon.

Coming before city council will be a proposed amendment to the previously committed disposition and development agreement that would grant a 120-day extension to Alameda Point Partners to:

  1. Complete property reuse due diligence efforts pertaining to groundwater contamination and open petroleum sites which are within the boundaries of Site A.
  2. Secure additional financing commitments from UDR, Inc., a Colorado based real estate investment trust. Alameda Point Partners reports that it has a significant financial commitment from parent company Trammell Crow Residential, but has been talking with UDR to secure financing for vertical construction on blocks 9, 10 and 11 of site A.

The original deadline for the developer to have finalized these issues was December 12, 2016.

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