Press Release
March 8, 2018
FOR IMMEDIATE RELEASE
Contact:
Sarah Henry, Public Information Officer
(510) 747-4714
City Council Clears Path for Site A Development at Alameda Point to Begin
Tuesday night, March 6, 2018, Alameda’s City Council adopted a resolution that amended the City’s agreement with Alameda Point Partners (APP), the Site A developer, and cleared the path for the first phase of Alameda’s 68-acre “gateway” project to move forward. Vice Mayor Vella and Councilmembers Ezzy Ashcraft, Matarrese, and Oddie voted in favor, with Mayor Spencer against. When complete, this $460 million project will bring 800 residential units, including 200 affordable units, 600,000 square feet of commercial development, 15 acres of parks and public open space, major utility infrastructure benefiting existing residents and future jobs areas, and new transportation amenities and services. A key component of the project is to add a new ferry terminal and mode on and off the island with the creation of the new Seaplane Lagoon ferry terminal at the heart of Alameda Point.
“Turning the Site A project into a reality is 21 years in the making,” stated City Manager Jill Keimach. “Under the exceptional leadership of Base Reuse Director Jennifer Ott, the City’s continued commitment to Site A will also provide waterfront parks, trails, new ferry and bus service, and jobs to Alameda Point.”
The approved amendment removed a provision in the 2015 agreement with the developer (Alameda Point Partners) that would have allowed the City to withhold building permits for market rate units if the nonprofit affordable housing developer (Eden Housing) had not received full financing commitments by April 9, 2018, the closing date for the first phase of the project that is required by the agreement.
Eden Housing is building 130 low and very low-income affordable housing units as part of the first phase of the Site A project. While Eden Housing has been very successful at obtaining $40 million of its required financing, they have outstanding funding applications and will likely not receive commitments for that funding until May/June 2018. If the provision, referred to as “metering,” had not been removed, APP’s financing would have been jeopardized, and they would not have been able to continue with the Site A project.
“Renewed Hope Housing Advocates fully supports the intent of the amendment to remove the Affordable Housing Metering Provision in order to hasten the ability of Alameda Point Partners to secure financing for the first phase of the project and begin construction of the 130 units of affordable housing by Eden Housing,” stated Laura Thomas, Vice-President of Renewed Hope Housing Advocates.
With the approved amendment, APP is able to continue with the first phase of the Site A project, which includes delivering a multitude of benefits to Alamedans after the City transfers the land, including:
- $10 million contribution to the Seaplane Lagoon Ferry Terminal
- Construction to start work on the backbone infrastructure within 30 days, including major sitewide sewer, water, storm drain, and electrical systems, with $42 million in performance bonds that provide assurance that the infrastructure will be completed
- $3 million contribution towards affordable housing funding
- $1 million in City tax revenue from the transfer of the property
- $1.6 million in future transfer tax revenues
- $1.3 million in estimated annual City revenues from property taxes at the completion of the first phase of Site A
- $1 million dedicated to a new sports complex
- 8 acres of parks and open spaces
- Annual funding for 15-minute peak-hour bus service to BART
- 310 units projected to be affordable to middle-income households
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