Alameda Landing on hold
UPDATED 8:08 AM
Well folks, it’s official: The Alameda Landing development is on hold.
ProLogis spokeswoman Jessica Crow was kind enough to shoot me an e-mail yesterday with the news that its subsidiary Catellus “will continue to support the project, but based on the state of the economy and lack of market conditions for retail and residential, it does not make economic sense at this time.”
Crow said the company is “retooling (its) cost and revenue assumptions” to figure out what it would take to get the project started. And that could mean some changes.
Still, she said the company plans to maintain the same “look and feel” and property mix in its current plan for the site, which includes 300 homes, 400,000 square feet of office space and 300,000 square feet of retail on 97 acres that once held the Navy’s Fleet Industrial Supply Center.
No timeline has been set yet for presentation of a new plan (let alone sticking shovels in the ground), so stay tuned for that, hopefully sometime in the next few months. And I’m not sure yet how this will impact negotiations with Target and Clif Bar, two potential tenants, though it sounds like the companies and the developer are still in negotiations.
ProLogis’s longtime CEO quit last month after the company’s stock went through the floor. The company’s new chief executive has said it will halt all new development starts and new land acquisition in order to right itself. Last week, ProLogis/Catellus pulled out of the running to develop the Oakland Army Base. But according to this article in the Denver Business Journal, ProLogis is still a solid company.