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Canada  + Cross Border News  + 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.

Canada’s Brookfield to Redevelop U.S. Naval Weapons Station

Brookfield has been selected to redevelop a massive former U.S. naval base.

The City of Concord, located in California’s Bay Area, announced that it chose the Canadian firm, through its U.S.-based development arm, as the master developer for the Concord Naval Weapons Station.

As Connect reported, Brookfield Properties is slated to reinvigorate the 2,300-acre U.S. Navy-owned property. Plans call for 13,000 new housing units and millions of square feet of commercial space.

New York-based Brookfield Properties is a wholly owned subsidiary of Toronto-based Brookfield Asset Management, one of the world’s largest institutional investors. The City of Concord selected Brookfield after scrapping two earlier development deals and Housing America Partners withdrew from the latest application process.

Next steps for the base reuse project include outlining an exclusive negotiating agreement between the city and Brookfield and a term sheet for the negotiation of a proposed disposition and development agreement. A specific plan will also be drafted.

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.

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