The US Navy has approved an agreement that clears the way for the redevelopment of about 2,422 acres at the former Concord Naval Weapons Station in California. The agreement allows the City of Concord and master developer Brookfield Properties to move ahead with plans for the former military site, SFGATE reported Friday.
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The naval weapons station opened in 1944 as a munitions storage facility and fell out of use in 1999. Although Concord officially marked the property for redevelopment in 2006, the wider 12,800-acre site has remained undeveloped for about two decades.
The newly approved Term Sheet sets the financial terms for the transfer of about 2,422 acres from the US Navy. Concord is the federally recognised local redevelopment authority for the former weapons station, while Brookfield is the project's master developer.
Under the agreement, Brookfield will pay $44.6 million for the property, along with interest on part of the amount. The deal includes an initial payment of $4.6 million, followed by $40 million in deferred payments over four years.
What happens next
The Navy's approval means the project can now move into its next stage. Concord and Brookfield will begin preparing a Specific Plan that will lay out how the area could be developed, including its layout, uses and other features.
Brookfield will lead the preparation of the plan, while both the developer and the city are hiring consultants to help with the work. The process is expected to begin this winter.
