Excerpt:

Trammell Crow Residential has announced that its joint venture, Alameda Point Partners, has closed escrow on the first phase of a $1 billion transit-oriented waterfront development within commuting distance of San Francisco.

The city of Alameda, Calif., has transferred approximately 30 acres of the 68-acre future development site, known now as Site A, to the Alameda Point Partners venture, which includes Trammell Crow, srmErnst Development Partners, Madison Marquette, Eden Housing, and financial partner Cypress Equity Investments. Construction is set to begin on the project’s $500 million first phase within the next 30 days.

Site A is part of the former Naval Air Station Alameda, which closed in 1997 and has since lain undeveloped. Alameda Point Partners was originally selected by the city of Alameda to develop the site in 2014, and Trammell Crow Residential (TCR) entered the joint venture when Thompson Dorfman Partners, an original venture partner, merged with TCR in 2015.