Search
 

Phase Two of $400M TOD Under Way

WALNUT CREEK, CA-The development is replacing surface parking lots surrounding the Pleasant Hill rapid transit station here with residential, office and retail components.

By Brian K. Miller | Updated on September 25, 2008

WALNUT CREEK, CA-Avalon Bay Communities’ 422-unit apartment project at the Pleasant Hill rapid transit station in Walnut Creek is now under way and slated for completion in 2010. The project, Avalon Walnut Creek at Contra Costa Centre, is part of a $400-million redevelopment that is turning surface parking lots surrounding the BART station into 522 units of residential (including 100 condos), a 270,000-sf office building and 35,000 sf of retail.In addition to the 422 apartment units, the $200-million second phase includes 36,000 sf of retail and 19,400 sf of conference facilities. Avalon Bay anticipates completion of the project in 2010.

Shaped by the San Francisco Bay Area Rapid Transit District and Contra Costa County, the overall development began last year with a $50-million, 3,367-slip parking garage meant to replace the surface parking. The garage was completed a few months ago , clearing the way for the second phase.

Avalon Bay’s portion of the project is being funded in part by the largest-ever State of California bond allocation, according to Godwin Proctor LLP, the law firm that handled the bond sales process for Avalon. Contra Costa County first filed an application with the state to issue bonds. The bonds were then sold on the open market with the proceeds being loaned to Avalon to begin construction of the development.Goodwin Proctor says it issued $10 million in tax-exempt multifamily housing revenue bonds and remarketed $125 million in mostly tax-exempt multifamily housing revenue bonds. The firm also says it helped secure a letter of credit from Bank of America NA in the amount of $135 million to provide credit enhancement and liquidity support for the bonds, and aided in the structuring of the joint venture development partnership for the apartment project between Alexandria, VA-based Avalon and the master developer, New York-based Millennium Partners.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.