[Includes Video]

Excerpt:

The city of Alameda has not seen new market rate, multi-family housing for more than 40 years. After years of waiting, a groundbreaking ceremony was held to mark the start of a big waterfront development on the former Naval Air Station.

The entire Alameda Naval Air Base was officially closed in 1997. The economic impact of that closure was felt almost immediately.

It took years for Alameda to recover and just as long to come up with a plan to develop the site.

The wait is over as Alameda broke ground Wednesday to begin a major development project on the former Naval Air Station.