Alameda Landing development back to council Tuesday
Members of the City Council are set to vote Tuesday on transferring development rights for the Alameda Landing project to the new owners of Catellus, the developer the city originally hired to build it. The developer’s sale to TPG Capital, a global investment firm, could herald a fresh start for the long-stalled development.
If council members approve the transfer, TPG will provide the funding needed to prepare a 10-acre portion of the Navy’s former Fleet Industrial Supply Center for sale to Target, which could build a 140,000-square-foot store there that could be open for business by 2013, according to a city staff report. The cost of that project is estimated at over $10 million, the report says.
The developer is also talking to other potential retail tenants and is with prospective homebuilders in anticipation of further development on the 97-acre site, though specific timelines have yet to be discussed.
Catellus had planned to build up to 300 homes, 400,000 square feet of office space, 300,000 square feet of retail and 20,000 square feet of health club space on the former FISC site, but its plans were stalled out by the economy.
City staffers are recommending the council approve the transfer, saying they think TPG will pay to move the project forward with the same development staff that have been working on Alameda Landing the past few years. The city and Catellus originally struck a development deal for the site in December 2006.
ProLogis, the Denver-based warehousing giant that saw its own fortunes sink in the poor economy, announced in December that it planned to sell Catellus and its assets to TPG for $505 million. The sale is still closing.
TPG has $48 billion in assets under management and 14 offices around the globe, including an office in San Francisco. Its assets include the East Bay Bridge Shopping Center in Emeryville, Pacific Commons Shopping Center in Fremont and the Granada Shopping Center and Newport Landing Shopping Center in Newport Beach.
We hope to have more for you on this story after Tuesday’s City Council meeting.