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.

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