Alameda Point project approved to proceed at former naval station Next phase set for project expected to add 1,300 resi units on island
This post was written by Pawan Naidu and originally published on 7/12/2022 on TheRealDeal.com
Cypress Equity Investments has gotten the go-ahead to complete a first phase and get started on the next step in its redevelopment of the Alameda Point Waterfront District.
The Los Angeles based firm, part of the Alameda Point Partners joint venture, started construction on the waterfront in 2018 and will ramp up development over the next two years with the latest approvals from the City of Alameda in hand.
The Alameda Point project, located at 1801 Ferry Point, will include 1,284 residential units overall, with 35,000 square feet of ground-floor retail along Atlantic Avenue. The retail portion will open onto a shared plaza and waterfront park with access to a ferry terminal. The first phase will include 220 apartments in a building with a retail, 90-unit affordable apartment complex, and 108 townhomes, upon completion.
“With the current momentum, CEI anticipates there will be significant construction and activity at the base in the next couple years,” said Alla Sorochinsky, chief financial officer for Cypress.
AERO Apartments, which opened a year ago as part of the first phase, is now 90 percent leased. The joint venture behind the project is between Cypress Equity Investments and Equity Residential.
About a quarter of the homes built as part of the development will count towards the 5,353 new housing units the city is mandated to develop in the next eight years.