East Bay Times: Developer secures extended closing date in Alameda, August 28, 2017
Submitted by west on Mon, 08/28/2017 - 17:51
A developer that plans to build housing, commercial and open space at Alameda Point has secured an extended closing date under its agreement with the city.
Alameda Point Partners, which is also working to build a ferry terminal as part of the overall 68-acre project, could not complete its financing plan earlier this year in time to accept the transfer of the property from the city, citing rising construction costs.
On Monday, the city said the developer had cured its default by making a $1.35 million payment, which allows for the extension of the closing date from Aug. 9, 2017 to April 9, 2018.
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