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Catellus Unloads 200 Acres of Residential Land

HERCULES, CA-This sleepy town has not seen a development boom since more than 4,000 homes were built in the 1970s and 1980s. Some 880 homes, retail shops and parks are now on the way.

By Becky Bergman | Updated on December 18, 2000

HERCULES, CA-Catellus Development Corp. has sold 200 acres here for $23.7 million. The land is within the Victoria-by-the-Bay residential development, a master planned community of 880 homes, retail shops, parks and a school being developed on the site of a former oil refinery.

In 1997, Catellus acquired the land for an undisclosed amount and demolished the Pacific Refining Co., which had been there for 30 years, and began a massive industrial cleanup that involved removing the refinery, eliminating the soil of petrochemical contaminants and cleaning up the groundwater. Although company sources decline to say how much the cleanup costs, published reports indicate the company shelled out more than $20 million.

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