ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development.
The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021.
AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres:
- Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community.
- Block 6 – Trumark Homes will develop 123 townhomes.
- Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with 10,000 square feet of retail and commercial space.
- Block 11 – Trammell Crow Residential/Cypress Equity Investments will jointly develop 220 multifamily units and 15,000 square feet of retail and commercial space.
Upon buildout, the 68-acre, master-planned development will bring 800 residential units, including 200 affordable units; up to 600,000 square feet of commercial space; 15 acres of parks and public open space; major utility infrastructure benefiting the entire property; and new transportation services and facilities, including a new ferry terminal.