Multi-Housing News: Joint Venture to Tackle Most Expensive Area in Nation, June 1, 2015
The venture plans to focus on core Bay Area infill locations that are transit-oriented, Dorfman said. This focus results in the partners being partial to sites that have substantial retail components as part of residential mixed-use projects. “In the past several years, we have entitled and developed sites in Silicon Valley, on the Peninsula, San Francisco and in the East Bay markets of Oakland, Emeryville, Walnut Creek, and Alameda,” he said.
He adds these areas will continue to be scoured for opportunities.
The new $500 million joint venture will fund the development of San Francisco Bay Area multifamily housing including part of Alameda Point, which would add 800 residential units, including 200 affordable homes, as well as retail and commercial space. Alameda Point is being developed on the site of a long-vacant naval air station. TDP is handling the 600 market-rate units in the development as part of a development partnership that includes srmErnst, Madison Marquette and Eden Housing.