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City Grants Point Developer An Extension

Alameda Point Partners has been granted an extension until April, 2018. (Artists Rendering of proposed building.)

The city of Alameda has granted Alameda Point Partners an extension to develop and submit a financing plan for “Site A” at Alameda Point.

Site A is approved for 800 new residential units (including 200 affordable), includes more than 15 acres of public parks, up to 600,000 square feet of commercial and retail space, and new or upgrade streets and infrastructure.

Earlier this year, the developer said that rising construction costs prevented them from completing a financing plan an accepting transfer of the property based on the prior schedule.

In a media release today, city officials said that Alameda Point Partners have now cured their default by making a $1.35 million payment, and extended the closing date from August 9, 2017 to April 9, 2018, pursuant to the development agreement.

To-date, Alameda Point Partners has invested $15 million in the project, and has completed park and infrastructure construction drawings, secured architectural design approval for six of the blocks and all of the parks, implemented pre-construction activities to engage the community, and spent more than $500,000 out of a projected $10 million in implementing a new ferry terminal at the seaplane lagoon.

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