Developer Receives Extended Closing Date For Alameda Project
The developer planning to build within the former Alameda Naval Air Station has secured an extended closing date for the financing of its project. Alameda Point Partners, which said it was facing default earlier this year due to rising construction costs, now has an April 9 closing date, the East Bay Times reports. The developer was unable to meet its financing plan deadline of Aug. 9 to accept the property transfer from the city. Alameda Point Partners fixed its default status by making a $1.35M payment.
The development at Site A has been approved for 800 housing units, including 200 affordable, 600K SF of commercial and 15 acres of parks. Alameda Point Partners, which is a partnership between srmErnst, Thompson Dorfman Partners, Madison Marquette, Trammell Crow Residential and Eden Housing, has already put $15M toward the project and $500K toward a new ferry terminal. Drawings for parks and infrastructure have been completed and the development has received design approval for some of the project.
