Landing, leases on redevelopment agenda
The City Council, meeting as the Alameda Reuse and Redevelopment Authority/Community Improvement Commission/itself, will get a report tonight on the progress that’s been made toward building Alameda Landing.
The good news: Target signed a letter of intent with Catellus’s Palmtree Acquisition Corporation to purchase 10 acres so they can build a 139,000-square-foot store, and the developer is in discussions with a second, unnamed, national tenant to fill some of the 300,000 square feet of retail they’re allowed to build there.
Also sounds like good progress is being made on construction of the Wilver “Willie” Stargell Avenue extension, which is due to be completed in April 2010, and they’re building some of a planned Neptune Park.
The not-so-good news: Construction deadlines have been pushed off a couple of years – which means payments for the Stargell work and cleanup of the fire on the former FISC property may also be a ways off.
The first phase of construction was set to start this month, but that deadline has been pushed out three years, to December 2012. Deadlines for retail development north of Mitchell and for three phases’ worth of demolition and backbone infrastructure have also been pushed out.
The city lent $3 million from our sewer fund to move forward the Stargell construction, $4 million of which is being covered from a state grant. And the $2.15 million cleanup cost for the FISC fire – which is to be completed by the middle of December, by the way – is largely being covered by a loan of redevelopment funds. Those costs are to be paid back by Catellus, but only after they start construction.
The staff report on this one points out that Catellus fronted $8 million and managed the transaction to secure the Stargell right of way so the road construction could take place, even though they weren’t yet required to do so.
Meanwhile, Councilman Frank Matarrese is set to ask his fellow council members to think about changing the city’s leasing policies out at Alameda Point. He wants the council to consider establishing criteria for long-term leases “to establish a viable constituency that could provide a ‘market’ for future commercial development at Alameda Point,” according to a referral on the ARRACICCouncil’s agenda for Wednesday.
He wants the council to consider working to attract businesses from an array of sectors, including maritime, green businesses, environmental cleanup, specialty foods, entertainment production and wine/spirit production and support – businesses that already occupy a good portion of the leased space at the Point but have shorter term leases in anticipation of development.
More to come on this, I’m sure.