UPDATED Today’s must read: David Howard on Target
Updated 11:48 a.m. Tuesday, November 3
Wearing their Community Improvement Commission hats, the City Council will consider on Wednesday night whether to ask Catellus for a report regarding the status of their Alameda Landing development plans at the former Fleet Industrial Supply Center site. (The referral, placed on the agenda by Comissioner Frank Matarrese, seeks an update on what Catellus is doing to get the development going, on whether they are complying with their development agreement with the city and on their progress on the Willie Stargell extension. The commission may also direct staff to advance the project themselves, if I’m reading this right.)
I’ll be watching, of course, but I have to offer props to local blogger and activist David Howard for getting some advance 411 on the thing I really care about: Target.
The last I had it was that the Landing development was on hold but that Catellus was hoping to be able to put a standalone Target out there, which could generate about $250,000 a year in taxes for the city and would come at a cost of $17 million to Catellus. But that was ages ago. So what’s happening?
Well, Howard checked in with Economic Development Director Leslie Little. And according to him, she said there’s more negotiating to do and at best, Target would be here by fall 2011. Her reported response, in full:
In response to your information request, the status of Alameda Landing is that Stargell road improvements are now under construction with a Spring completion date. Catellus is working hard to secure an agreement with Target to anchor the planned retail portion of Alameda Landing. You asked whether Catellus is trying to bring a Target into the project as a “standalone” store. At this time discussions are advancing with Target on this, although the ultimate build out will have Target co-tenanted with surrounding compatible retail stores. The market will do more than anything else to dictate the balance of the retail timing.
As to the status of negotiations, Catellus reports that they have a signed Letter of Intent (LOI) from Target. This is however only the beginning of a long process to meet all the requirements of Target and to complete a final transaction and commence construction.
You also asked for a time line. When would Target come to Alameda? With current discussions Target would plan to open a store in the Fall of 2011 or Spring of 2012 subject to a variety of contingencies that will need to be satisfied and permits that will need to be secured.
Of course, the council may also have a few questions about, say, when the rest of the development, which is 2+ years overdue, is coming, or when the city might see a check for the $3 million it has laid out for the Stargell extension that Catellus was supposed to help build or the $2 million we’ll spend to clean up after that huge fire.