City Council to consider amended development deal
On March 6, the Alameda City Council will consider a change to the stalled development deal for Site A, the mixed-use project at Alameda Point. The proposed change would remove a restrictive condition governing the order in which construction happens.
Alameda Point Partners (APP), the developer for Site A, is requesting an amendment to its Development and Disposition Agreement. The amendment would remove a provision that allows the city to withhold building permits for market rate units if the affordable housing subcontractor, Eden Housing, is unable to secure all of its financing. The purpose of the current provision, called a Metering Provision, was to ensure that the affordable housing units would be built in a timely manner. The city has approved the designs for Eden’s 70-unit family affordable complex and 60-unit senior affordable complex. Continue reading “Site A mixed-use construction poised to commence”