Alameda Sun: Alameda Point Roundup, October 12, 2017
The city has announced it is moving forward with bringing affordable housing to Alameda Point. In addition, the city said that a forward-looking Oakland company is coming to the Point and improvements to the infrastructure there are moving forward.
Affordable housing at Alameda Point’s Site A will come before the City Council at its Oct. 17 meeting. Site A is a 68-acre property that, when completed, will consist of 800 housing units, up to 600,000 square feet of commercial property and more than 15 acres of parks. Twenty-five percent of the housing will be offered at below market rate. Eden Housing will develop 130 of these units; the Alameda Unified School District will develop the remaining 70.
The City Council plans to approve two ground leases with Eden Housing to help ensure that its 130 units are developed: one for a 70-unit family project and a second for a 60-unit senior project. Terms will include an option for investors to purchase the property after 87 years with $1 purchase price, providing the investors prove the backbone infrastructure is consistent with the disposition and development agreement.