The City of Alameda is preparing to sell an 89,000-square-foot warehouse at the former Naval Air Station in Alameda Point.
The East Bay Island city is preparing to sell a 3-acre site at 650 West Ranger Avenue in the city’s Adaptive Reuse District, San Francisco Business Times reports. No asking price was disclosed.
The sale of the property is part of a new site-by-site approach for commercial buildings at the former Naval Air Station Alameda, sell some and lease othersPay for infrastructure.
To sell Building 92, the City must approve the payment of $831,470 to terminate the lease with the building’s tenant, the Alameda Point Collective.The homeless nonprofit signed a 59-year lease on the warehouse building in 2010, and it is now Alameda Food Bank.
In March, Alameda adopted a “field-by-field” policy to guide commercial transactions at the nearly 900-acre Alameda Point.
It opted to lease some properties to finance building maintenance and sell others to pay more than $700 million Infrastructure repairs required at the former WWII base, which closed in 1997. Infrastructure will support new businesses and residents.
Lisa Maxwell, director of reuse for the city of Alameda, told The Business Times last fall that the city of Alameda is likely to seek at least $2 million per acre for properties it decides to sell.
Based on that calculation, the city’s Building 92 could cost $6 million — or $67 per square foot.
A consultant for the city said in March that Alameda should maximize prices given the high cost of infrastructure work.
The building sale will transfer an entire block within the Adaptive Reuse District of Alameda Point into private hands. It could also spur private investment in former bases and attract job-creating businesses, according to a city report.
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Alameda partners with private developer to help usher in The first new house to be built on the base. Alameda sold several commercial buildings in the reuse district ahead of the case-by-case policy.
The city has fostered a small but growing core of commercial tenants, many in the aerospace industry. Some of these tenants, including Astra Space, Expressed interest in purchasing their facility in Alameda Pointaccording to The Business Times.
— Dana Bartholomew
