Navy, City of Concord Agree on Transfer of Former Naval Weapons Station
The City of Concord Local Reuse Authority (LRA) has reached a financial agreement with the U.S. Navy over the price and terms of payment for the approximately 2,422 acres of property at the former Concord Naval Weapons Station. The long-planned redevelopment of the site, with a final cost estimated at $6 billion, will be led by master developer Brookfield.
Under the agreement, the Navy will receive approximately $628 million over a 30-year build-out period for transferring the property to the city. The Concord City Council, acting as Local Reuse Authority, will vote on the agreement at its May 26 meeting.
The Naval Weapons Station was established during World War II and was closed in 2008. Brookfield’s plan for the site includes 12,000-plus homes, with 25% designated as affordable housing. On the project website, Brookfield Residential calls the project “a generational opportunity to fulfill the City of Concord’s vision for a sustainable, transit-oriented and mixed-use community with activated and accessible open space.”
Rendering courtesy of HOK.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout