Around the Bay: Local News Bites
This post first appeared in the June edition of: Cirios Trends: In Search of Real Estate Opportunities
San Francisco Gives Hunters Point Redevelopment Thumbs Up
(San Francisco Chronicle)
In a nearly unanimous vote last week, the San Francisco supervisors approved plans to redevelop the Hunters Point Naval Shipyard, pushing forward what has become one of the most controversial development projects in the city. The area, long off limits due to hazardous conditions in the water, is slated to be transformed from a gritty, urban neighborhood to a glitzy commercial area replete with shopping, nightlife and eco-friendly housing. But not everyone is cheering, as local residents who spent years fighting the development appear to have lost out to the city’s profit-minded interests. In this month’s Cirios Trends, we dive deeper into the Hunters Point project and what it means for the city in the coming decades.
(Read more here: http://tinyurl.com/ciriostrendsaugust)
High-Speed Rail Chases More Cash
(Silicon Valley Business Journal)
After receiving more than a quarter of the federal stimulus money allocated for domestic rail projects, the California High-Speed Rail Authority is after more funding. The US Department of Transportation has set aside another $2.3 billion for such projects, of which the Rail Authority is asking for $1 billion. But like nearly all development plans, the bullet train doesn’t sit well with everyone. The Peninsula Cities Consortium, made up of representatives from Palo Alto, Menlo Park, Atherton, Belmont and Burlingame, is pushing for plans to be delayed and rethought. Claiming that the train should be “built right or not built at all,” the group is often criticized as rich suburbanites who don’t want the train running through their back yards.
(Read more here: http://tinyurl.com/ciriostrendsaugust2)
Alameda Point Development Hits Snag
(San Francisco Business Times)
Even as San Francisco okayed development to start at Hunters Point, across the bay in Alameda things aren’t going so well. The Alameda city council voted not to extend a development agreement for Alameda Point, a section of the former naval station slated for redevelopment. SunCal, an Irvine-based developer, had been working for three years on plans for the site, navigating the minefield of political, social and financial hurdles to get such a project off the ground. SunCal failed to rally community support and plans didn’t conform to the city’s vision for the project. With choice views and a short commute to San Francisco, Alameda Point represents a tremendous opportunity … for somebody.
(Read more here: http://tinyurl.com/ciriostrendsaugust3)
Ellison Beat out in Bid to Buy Warriors
(ESPN.com)
Ending months of speculation, Golden State Warriors fans will not get to count on Larry Ellison’s fortune to return the NBA franchise to respectability. Last month, Warriors owner Chris Cohen agreed to sell the team to Joe Lacob, a minority owner of the Boston Celtics, and Peter Guber, CEO of Mandalay Entertainment. Fans were shocked, especially after Ellison reportedly tendered the highest offer for the woe begotten franchise, which has made the playoffs just once in the past 16 seasons. Lacob and Guber have vowed to rebuild the franchise, relying on a passion for the team and experience in building successful, profitable brands.
(Read more here: http://tinyurl.com/ciriostrendsaugust4 )
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