Port of Oakland and Prologis move forward on Oakland Army Base development
August 28, 2012
The Oakland Board of Port Commissioners praised the California Transportation Commission (CTC) for their decision to commit $242 million in voter-approved Proposition 1B bond funding to the redevelopment of the former Oakland Army Base.
The Oakland Army Base (OAB) project involves a transformation of the former base into a world-class trade and logistics center, which will strengthen the port’s position as the leading export gateway on the United States West Coast. The port handles 99 percent of all containerized goods in Northern California, and agricultural products represent approximately 40 percent of the total value of exports.
As reported in LM last month, U.S. Secretary of Transportation Ray LaHood and California Governor Edmund G. Brown Jr. visited the port to announce $15 million in federal TIGER grant funding for the OAB project, affirming the project’s national and strategic significance.
The affirmation of these funds follows the June 19, 2012 Oakland City Council approval of development agreements with Prologis for the City’s portion of the 360-acres of former Oakland Army Base that it shares with the Port of Oakland.
Walter C. Rakowich, co-chief executive officer, Prologis, told shareholders recently that his company is building on the “momentum” from last quarter.
“Customers have new requirements for e-commerce facilities and remain focused on improving supply chain efficiencies. Given continued supply constraints, our customers with targeted requirements are increasingly pursuing build-to-suits, which we are able to readily accommodate with our strategic land portfolio.”
The Oakland-based California Capital Investment Group, has a similar agreement with the port. The OAB project is scheduled to break ground by the end of 2013.
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