Alameda Point Developer Faces Default, Project In Question
Rising construction costs could take a toll on a major East Bay development. Alameda Point Partners is facing significant financial difficulties and the project is in default, according to KTVU. SrmErnst principal Joseph Ernst said construction costs have increased nearly 50% within the last few years while land values have decreased.
To try to save the project, Alameda Point Partners, which is a partnership between srmErnst, Thompson Dorfman Partners, Madison Marquette, Trammell Crow Residential and Eden Housing, has proposed dedicating 70 units of housing for teachers and employees of the Alameda Unified School District and to put up the housing faster than originally planned.
The Alameda City Council will consider this new plan during the July 5 meeting. If approved, construction could begin in the fall. If not approved, the development’s future will remain in doubt.
The 68-acre project is at the former Alameda Naval Air Station. Site A was previously approved for 800 housing units, 200 of which are affordable, 600K SF of commercial and 15 acres of parks. The entire Alameda Point is expected to have 1,425 housing units, 5.5M SF of commercial, 300 acres of parks, a new ferry terminal and sports complex once completed.