pages: CityCouncil/2009-12-02.pdf, 7
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CityCouncil | 2009-12-02 | 7 | the history; stated that she heard there was not a lot of interest in the property. Commissioner deHaan stated five developers were boiled down to three and all were substantial companies capable of completing the project. The Economic Development Director stated the 2003 changes recognized the office market was gone. Chair Johnson stated housing would not be built right now because houses would not sell even if financing could be secured. The Economic Development Director stated half of the potential tenants from one year ago do not exist. Sean Whiskeman, Vice President of Retail Operations for Catellus, gave a brief presentation on the history of the company and project; stated Catellus has a signed letter of intent with Target and is in active negotiations with several other retailers; Catellus is in a position to justify a project that is quite a bit larger than the project that went through the community and staff; the City's [ 2004] Retail Study put the project on hold; Catellus has not been sitting idle; the real investment ] number is close to $20 million, including entitlement money, designs and plans, without any return. Chair Johnson stated the City has been involved in the steps; not a lot has happened in the past couple of years. Mr. Whiskeman stated it is a new market; the rules changed September 2008; retailers have put expansion plans on hold, filed bankruptcy or liquidated; Catellus has to have a tenant in order to justify the construction expense building cannot be done on a speculative basis; discussed the Target negotiations and deal ; stated Catellus hopes to commence the process in early 2010 and is excited about discussions with a potential second anchor. Chair Johnson stated the fundamental question is whether Catellus will be able to meet the first performance milestones. Mr. Whiskeman stated Catellus is very aware of the timeframes, believes milestones can be met and is reviewing commencing the first residential phase, which would have a significant lead upi Catellus is trying to advance aspects other than just retail. Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 7 Community Improvement Commission December 2, 2009 | CityCouncil/2009-12-02.pdf |