[CPEO-IRF] Alameda Point developer pulls out

[Lenny Siegel <lsiegel@cpeo.org>]

Alameda Point developer pulls out on project
Investors blame slow real estate market for decision to not build on 
former Navy base

By Kelly Rayburn
Inside Bay Area/Alameda Times-Star (CA)
September 22, 2006

ALAMEDA - The high-powered development group that has worked with city 
officials for five years to develop the former U.S. Naval Air Station in 
Alameda has abandoned the project, the city said Thursday evening.

The group — Alameda Point Community Partners — cited a "dramatic 
downturn in the real estate market" in its decision not to move ahead 
with a proposal that would have included building 1,700 new residential 
units, 150,000 square feet of new retail space and reuse of 300,000 
square feet of existing Navy buildings.

The former base site represents one-third of the land area of the city. 
It includes spectacular views of San Francisco Bay and waterfront 
access, but has remained largely unused since the military closed the base.

...

For the entire article, see
http://www.insidebayarea.com/timesstar/ci_4379167

--
Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
http://www.cpeo.org

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