Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Cross Border News  + Canada + Ontario  + Finance  | 
The City of Concord in Northern California, has approved Broofield's term sheet for the massive redevelopment of a former U.S. naval weapons station.

Brookfield’s U.S. Naval Weapons Station Redev Term Sheet Gets Approved

A local government in Northern California has approved Brookfield Asset Management’s term sheet for its massive redevelopment of a former U.S. naval weapons station.

Concord city council unanimously approved a term sheet that lays out Brookfield’s plans, according to multiple reports. In 2023, Concord announced that it had chosen the Canadian firm, through its U.S.-based development arm, as the master developer for the Concord Naval Weapons Station.

As Connect reported, Brookfield is slated to reinvigorate the 2,300-acre U.S. Navy-owned property. The term sheet calls for Brookfield to development 12,270 new housing units, of which 25% will be classified as affordable for low-income earners, and six million square feet of commercial space.

Brookfield has agreed to co-ordinate US$1.67 billion of investment in infrastructure and environmental remediation for the project and secure US$336 million for habitat mitigation and a creek’s restoration. The company will also set aside 120 acres for a campus district, 55 acres for food sites, 10 acres for a food bank’s expansion.

Brookfield will also contribute to US$495 million towards tournament sports and a city-wide park, library and civic centre, schools, two firehalls, three police substations and an affordable housing study. The company and the city spent months finalizing the term sheet.

“We’ve gotten a lot of really good insights, and we’ve learned a lot about the community of Concord,” Josh Roden, Brookfield Properties president in Northern California, told the Clayton Pioneer.

Brookfield plans to redevelop the site in five phases over 40 years. The company ranks as one of the world’s largest institutional commercial real estate investors.

The city selected Brookfield after scrapping two earlier development deals and Housing America Partners withdrew from the application process.

Photo credit: Daniel Schwen/Wikipedia


Inside The Story

BrookfieldMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Development
  • ◦Financing
  • ◦Economy
  • ◦Policy/Gov't
New call-to-action