Cypress Equity Investments

CEI is a real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades.

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$1B Bay Area Development Hits Construction Milestone

$1B Bay Area Development Hits Construction MilestoneBy: Holly Dutton, MHN

The development team, which includes two Trammell Crow companies, broke ground on the 68-acre redevelopment of a former Naval Air Station in Alameda, Calif., in March of last year.

The team behind a $1 billion redevelopment of a former Naval Air Station in California’s Bay Area announced they have hit a significant construction milestone of the first phase, completing demolition of the entire 30-acre site as well as 50 percent of the infrastructure.

Alameda Point, a mixed-use project rising on a 68-acre waterfront site in Alameda, Calif., is being developed by a partnership of Trammell Crow Residential, Crow Holdings, Cypress Equity Investments and srmERNST Development Partners. The partnership, collectively known as Alameda Point Partners LLC, closed on Site A of the development in March 2018 and broke ground in May of the same year.

The completed infrastructure at the project includes the water, sewer, electrical and gas lines, a street grid with bike and transit lanes, eight acres of new parks and a ferry terminal in Seaplane Lagoon. A ferry dock is currently in fabrication, with construction of the ferry terminal expected to begin in the fall. In addition to the ferry service, the transit-oriented development will include bus rapid transit, connection to BART, bike and car sharing.

RESIDENTIAL DEVELOPMENTS

Included in the $500 million first phase of the sprawling project will be 673 residential units, 130 of which are being built by affordable non-profit housing developer Eden Housing and will be designated for low- and very low-income households. An additional 310 units will be affordable to middle-income households. The first phase will also house nearly 100,000 square feet of shopping, dining, creative office space, community and event space, along with eight acres of parks and open space.

A 200-unit market rate community is also under construction within the first phase of Alameda Point. The residential community is being developed by CEI and will feature a fitness and cardio center, a rooftop deck, resident lounge, coworking spaces and approximately 10,000 square feet of retail and commercial space.

In total, the project will offer 800 new residential units, many of which will be designated affordable, which are desperately needed in the Bay Area.