June 14, 2024

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Treasure Island Redevelopment Strategies Uncertain as Bay Place Authentic Estate Organizations Sue Each individual Other

In 2001, Kenwood entered an agreement with genuine estate company Lennar Urban to redevelop Treasure Island, a 400-acre island positioned in between the East Bay and San Francisco. Kenwood and Lennar held a 50% interest in the Treasure Island Group Progress (TICD) job, the Kenwood grievance reads.

4 a long time later, Stockbridge and Wilson Meany joined Kenwood as partners, and the teams shaped a business identified as KSWM Treasure Island. As aspect of that partnership, Kenwood promises it transferred its 50% share to the KSWM group.

A housing structure is seen being built on an island with a view of a silver bridge in the background.
A construction sits on the h2o off Treasure Island, across from the Bay Bridge. (Sara Bloomberg/KQED)

Then in 2016, a individual investor and affiliate of Stockbridge, Stockbridge TI, joined TICD. As a result, KSWM and Stockbridge TI then shared the 50% interest. Kenwood statements in its lawsuit that Wilson Meany and Stockbridge “never asked for Kenwood’s consent to this amendment and Kenwood did not concur to this amendment.”

Kenwood is now alleging that by enabling Stockbridge TI to commit directly into TICD, the partners “diluted” the 50% share for KSWM. Stockbridge and Wilson Meany deny both of those claims.

In their unique grievance, Stockbridge and Wilson Meany assert that the projected values of KSWM’s pursuits are “much decreased currently than they were a handful of decades back, before the COVID pandemic and financial shocks that came in its wake, and prior to unanticipated price will increase and delays pushed out the decreased projected revenues by a number of years, all of which have depressed envisioned returns,” the doc reads. “Because of these setbacks, none of KSWM’s users can glimpse ahead to the financial benefits they experienced hoped for when this venture started out in the early 2000s.”

Cranes and other building equipment are seen parked on wet ground. Trees and powerlines are also pictured in the background under gray skies.
Bulldozers and other development tools are locked away on Treasure Island on Friday, Feb. 8, 2019. (Lindsey Moore/KQED)

Treasure Island represents both of those a significant option and problem for developers. Unlike quite a few elements of the city, the previous naval base has remarkable place for new developments and housing, which is sorely needed to handle the region’s housing crunch. But the former armed forces internet site has a background noticed with environmental lawsuits, allowing hurdles and other obstacles.

The most modern venture to break ground was Star Check out Court, a 138-unit improvement that contains 71 units for previously unhoused family members transitioning out of interim supportive housing, 43 units for lessen-cash flow homes, and 23 residences for present-day Treasure Island citizens.