Alameda, CA – Moran & Company’s San Francisco office has sourced capital for Alameda Point, a transformative $500 million redevelopment on the long-decommissioned Alameda Naval Air Station. Alameda Point is being developed by Alameda Point Partners, a joint venture between Trammell Crow Residential, srmERNST Development Partners, Madison Marquette, Eden Housing, and Cypress Equity Investments. Will Thompson and Bruce Dorfman spearheaded the project for Trammell Crow.
The 68-acre mixed-use waterfront project will include 123 townhomes, 550 apartments, and 80,000 sq. ft. of retail. It will include a new ferry terminal, set to open in 2020 at Seaplane Lagoon, which is across the street from the project. The ferry ride to San Francisco will take just 20 minutes, compared to 40 minutes on Alameda’s existing ferry, which makes a stop at Jack London Square.
According to Brett Betzler, a partner at Moran & Company, “This is the first truly significant infusion of private capital into the 900-acre naval base. It will bring it to life and catalyze future development, and also provide much-needed housing to people who work in Alameda, Oakland, and San Francisco.”
The project offers stunning views of the bay and the San Francisco skyline. Alameda Point has become an increasingly popular destination because of Spirits Alley, a collection of wineries and artisan distilleries that have sprouted up in old naval air hangars, including Hangar 1 Vodka, St. George Spirits, and Faction brewing. Tech companies, including Google-owned Makani Power, Wrightspeed, and Natel Energy are also operating out of hangars, which provide vast covered spaces and very high ceilings, which are ideal for their work.
The deal was consummated in several transactions that occurred on March 16, 2018 in which the City of Alameda transferred the entire site to Alameda Point Partners, and they in turn sold several parcels to individual developers. Those sales will fund a massive infrastructure project that will bring streets and utilities to the project.
The developers of individual sites include a joint venture between Trammell Crow Residential and Cypress Equity Investments, which will develop 220 apartments and 15,000 square feet of commercial space; Trumark Homes, which will build 123 townhomes; and Cypress Equity Investments, which will develop a 200-unit apartment community with 10,000 square feet of retail/commercial space.