The first plan, with the real estate investment and management company Jones Lang LaSalle, has not yet been defined. The company was granted a 180-day window to exclusively negotiate an agreement with the city.
Jones Lang will use some of the time to study Concord's downtown area and decide what kind of project would be best suited for the area. The firm will be looking at eight acres bounded by Galindo Street, Willow Pass Road, Mira Vista Terrace and Clayton Road.
Legacy Partners Residential Inc., the other development company working with the city, has proposed a 259-unit luxury apartment complex on 4.6 acres near Amador Avenue and Galindo Street. The project includes a five-level 459-spot parking garage to be built adjacent to the apartment complex.
Privately held Legacy Partners, based in Foster City, has a portfolio valued at $6 billion. To date, the company has developed 55,000 multi-family units in Arizona, California, Colorado and Washington with more than 33,000 currently in its management portfolio. Legacy Partners Residential recently completed The Landing at Jack London Square, a 282-unit upscale apartment complex at the corner of Embarcadero West and Alice Street.
Calling itself the world's largest property management firm, Jones Lang LaSalle has 700 million sf under management worldwide, with $22.5 billion in assets under management. The publicly held company has completed more than 200 development projects representing more than 100 million sf and nearly $12.5 billion.
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