LIVERMORE — A big East Bay housing development that would produce hundreds of units is pushing ahead with a $25 million-plus deal to buy a large chunk of empty land that’s needed for the project.
A group led by real estate investment firm TPG Angelo Gordon and developer Trumark Homes paid $29.1 million for five vacant north Livermore parcels, according to documents filed on Feb. 28 with the Alameda County Recorder’s Office.
Street-level view of a 253-unit residential development proposed for a site at the northwest corner of Collier Canyon Road and Constitution Drive, on the north side of Interstate 580, concept, (SDG Architects, AO)
13.1-acre land site at the northwest corner of Collier Canyon Road and Constitution Drive in Livermore, shown within the outline. The interchange of Interstate 580 and State Route 84 is visible in the lower right. Boundaries are approximate. (Google Maps)
The just-bought property is at the northwest corner of Collier Canyon Road and Constitution Drive near the interchange of Interstate 580 and State Route 84 and Isabel Avenue, the county documents show.
The real estate alliance seeks to develop 253 residences on the land, which totals 13.1 acres, according to documents posted by Livermore city planners.
253-unit residential development proposed for a site at the northwest corner of Collier Canyon Road and Constitution Drive, on the north side of Interstate 580, concept. (SDG Architects, AO)
The housing development would consist of two types of residential units, the city planning files show:
— 143 units will be for-sale condominium units with six units affordable to moderate-income households. The townhomes will be three stories high.
— 110 units will be for-rent apartments that will be affordable to low-, lower-, very low- and extremely low-income households. The apartment building is slated to be five stories in height.
At least one other major transaction occurred in recent weeks involving the purchase of a prime property slated for a future residential development in this section of the East Bay.
On March 4, KB Home South Bay paid $57.8 million to buy a San Ramon office building in the Bishop Ranch mixed-use neighborhood. KB aims to build 190 residences on the site after the office building is demolished.
As for the just-bought site in Livermore, city planners opined that the 253-unit development would blend in with adjacent neighborhoods.
“The proposed project respects the neighborhood’s development, uses landscaping to minimize the visual impact on the street, and visually reduces building mass,” Livermore planners stated.
The developers also envision multiple open spaces, including a 2.5-acre public park and a 0.4-acre pocket park, according to the city documents.
“Amenities include walking paths, picnic areas, a play area, and a multipurpose lawn,” the city planning documents show, in discussing the features of the larger park.
The development is part of the Isabel Neighborhood Specific Plan for northern Livermore.
Once it is fully developed, the Isabel Neighborhood would produce as many as 4,100 residential units, of which roughly 1,000 would be affordable.
Office buildings, a business park, shops and restaurants are also envisioned for the Isabel Neighborhood. A neighborhood shopping center would also likely be part of the new transit-oriented neighborhood.
“The future land uses and public improvements in the Isabel Neighborhood would create a complete and vibrant neighborhood with a mix of housing, businesses, and community uses,” the city planning documents state.
