Ground broken on US$1 billion development
By Andy Brown25 May 2018
Ground has been broken in the city of Alameda, in California, US, on the first phase of the 68-acre $1 billion mixed-use, waterfront development at the gateway to Alameda Point, called Site A.
The project is being developed by Alameda Point Partners, a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments.
Estimated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households.
It also includes eight acres of parks and open space, 3050m² of retail, dining and marker space, as well as community event and gathering space.
Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and improvements on Seaplane Lagoon for a new ferry terminal.
Completion of the new infrastructure for Phase I of Site A is expected within the next two years, with vertical construction on the new buildings starting by year end.