The headline spread quickly in the real estate world late last week. “Alameda Marina goes for sale amid $1 billion redevelopment project,” the San Francisco Business Times proclaimed.
“The offering provides prospective buyers unmatched scale, infrastructure, and long-term investment potential,” the Colliers listing promised. “Strategically located along the Oakland Estuary with direct access to San Francisco Bay, the marina is part of the Alameda waterfront, a key hub for recreational and commercial boating in the Bay Area.”
Just to be clear, however, the marina itself is not up for sale. The City of Alameda owns the Northern Waterfront of the marina in trust for the State of California and leases it to entities affiliated with Pacific Development and Bay West.
Alameda City Manager Jennifer Ott clarified that the developer group is selling the boat slips and marina business located on part of that Northern Waterfront, but the land itself will remain publicly owned, the Business Times noted in an update.
The property includes 398 wet slips and commercial buildings totaling 51,430 square feet. In addition, there are four commercial buildings totaling roughly 15,000 square feet, and a 36,430-square-foot building currently being redeveloped to house Ghost Town Brewing in a long-term lease.
“That is the anchor amenity to the Alameda Marina Master Plan Redevelopment, a $1 billion transformation of the 44-acre waterfront into a mixed-use hub that when completed will be home to two apartment buildings and a 182-unit townhome community,” the Business Times reported.
An additional 27,252 square feet of commercial space and 530 wet slips, plus a dry boat storage yard for up to 60 boats, could be developed on the site, according to marketing materials referenced in the Business Times article. The total redevelopment project calls for 760 housing units, 104 of them affordable, and 150,000 square feet of commercial space, 529 new boat slips, parks and other recreational facilities.
The two residential projects that have already been built on the site—Launch and Landsea Homes—and a 260-unit project that has not yet been built, are not included in the sale.
Building housing there was part of a $35 million project that included replacing the Oakland Estuary’s decaying seawall, which helped to protect the development against rising sea levels, ensuring long-term resilience and operational integrity.
The full Colliers listing is available online.
