Title
Recommendation to Hold a Work Session and Provide Feedback on a Proposed Disposition Strategy for the Leasing and Sale of Buildings within the Reuse Area at Alameda Point. (Community Development 29061822) [This item is a Work Session to obtain Council feedback]
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Given recent Council and community discussions about City staff's approach to the lease and sale of buildings at Alameda Point, staff retained Keyser Marston Associates (KMA), a real estate economics consulting firm, to undertake an analysis of the real estate assets at Alameda Point specifically within the Reuse Area, and to make recommendations regarding a potential strategy for future leasing and sale of buildings (Exhibit 1). Additionally, staff conducted two stakeholder meetings to obtain input from developers and existing Alameda Point property owners and tenants.
Based on the KMA analysis and findings, input from the stakeholder meetings, and goals for Alameda Point gleaned from key City documents, staff proposes a strategic, phased approach to both leasing and sale of buildings in the Reuse Area (Mixed Portfolio Phasing Strategy). In general, the Mixed Portfolio Phasing Strategy, means buildings are sold selectively, and as needed, to fund the ongoing implementation of a new, cohesive backbone infrastructure system, while also maintaining a portfolio of buildings for lease to continue generating ongoing lease revenue to fund maintenance and operational needs arising from the aging existing infrastructure. The proposed Strategy also addresses the need to allow for flexibility in order to take advantage of new and unexpected opportunities that meet the City's goals, and to leverage City investment and land for community amenities and benefits, such as jobs, parks, and transportation facilities.
Staff seeks City Council review and feedback on the proposed City's goals and the rec...
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