first_img Dan Cohen AUTHOR The Concord City Council on Wednesday selected Lennar Urban as master developer for the first phase of the redevelopment of the former Concord Naval Weapons Station in northern California, after securing a number of concessions during recent negotiations.The city reopened talks with Lennar in March after Catellus Development Corp. withdrew from consideration due to its loss of trust in the city’s selection process.“We are very grateful for this opportunity,” Kofi Bonner, Lennar regional vice president said in a written statement, reported East Bay Times. “There is a lot of work ahead of us, but I can assure you that we are committed to working with city staff, the U.S. Navy and the people of Concord to remake the naval weapons station into a vibrant new area that will make this city proud,” Bonner said.The two parties are expected to spend up to nine months reaching agreement on a disposition and development agreement. Concord’s reuse plan calls for building up to 12,272 housing units and 6.1 million square feet of commercial space on about 2,300 acres at the weapons station.Lennar’s revised proposal would guarantee the city a $20 million payment over 10 years, with profit-sharing once the company earns a 20 percent return on its investment. The revenue-sharing component could return an additional $23 million to Concord; the firm’s previous offer, however, would have guaranteed the city a $30 million payment, according to the story.Lennar also would spend $40 million for affordable housing and spend nearly $16 million to widen Willow Pass Road to four lanes and rebuild Willow Pass bridge as a four-lane span.After the Navy begins to turns over land to Concord in the spring of 2017, the city plans to transfer individual parcels to Lennar when it demonstrates it is ready to begin development and has financing in place.last_img

Lennar Picked as Master Developer for Concord Naval Weapons Station

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