Redevelopment of Bay Area Military Bases

The Oakland Army Base

Oakland Army Base

It is a well known fact that redevelopment takes far more time and effort and funding than building from scratch.  The redevelopment of former military bases, where the planning and clean up take years, are riddled with set backs, litigation and funding shortfalls.

The Alameda Point

Alameda Point

Here in the Bay Area we have a number of exciting new base redevelopment projects under way which will ultimately effect multi-family housing. The Concord Naval Weapon station, the Alameda Point and the Oakland Army Base are three big projects and part of the East Bay major base reuse plan.  The fall of redevelopment agencies has further complicated the issue by stretching out the completion of these major projects.

According to Michael Wright, director of community reuse planning for the City of Concord, the blow is rather big, as it affects most military bases involved in some form of redevelopment.  Rules for redevelopment generally allow federal agencies and cities to borrow, as well as to continue incremental taxing, for sites that have recently been redeveloped.  Large tracts of vacant land could be put to use for research facilities or corporate campus, which usually need 100 to 150 acres of land. The Bay Area has an incredible future with respect to base redevelopment, particularly Alameda Point and Oakland Army bases with their waterfront locations.

Concord has been in the process of reuse planning since 2006 and is now actively involved in the development plan for a 5,000 acre site.  It proposes to leave 3,500 acres free as open space (which will be highly desirable for future tenants and apartment owners) and use the rest for commercial buildings and housing.  Jenniffer Ott, who is project manager of Alameda Point, and her team are pushing for a new state law that will allow tax increment funding to be maintained, however it is unclear if redevelopment funding will be sufficient. Alameda Point is in desperate need of clean up, funding and direction. It is an incredible jewel of the Bay Area in terms of location and Alameda residents have been patiently waiting for something to be done there.

Advertisements

About BayApartmentAdvisor

Nick Myerhoff is a Bay Area apartment market specialist. He owns and operates his own multi-family real estate and assists clients and prospects with their purchases and exchanges of residential commercial real estate in the bay area.
This entry was posted in Stories about Commercial Real Estate and tagged , , , , . Bookmark the permalink.

One Response to Redevelopment of Bay Area Military Bases

  1. Hi there to everyone. I am in fact eager to read
    more like this post and hope for daily updates. It includes interesting information.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s