- Associated Press - Tuesday, March 29, 2016

CONCORD, Calif. (AP) - Concord will allow a developer to pull its bid for one of the largest real estate projects in Northern California.

The San Francisco Chronicle reports (https://bit.ly/1UT13j8 ) that the Concord City Council denied Catellus Development Corp.’s last-minute request to change the terms of a deal for a 2,200-acre community on the decommissioned Concord Naval Weapons Station. Catellus wanted to shift more financial risk to the city.

City officials agreed to reimburse a $250,000 deposit the company paid to be in the running and other costs from the selection process.

Critics worry that if Concord ends talks with Catellus, it will effectively be handing the $6 billion deal to the company’s competitor, Lennar Urban.

Concord picks its master developer for the first phase of the project on April 5.


Information from: San Francisco Chronicle, https://www.sfgate.com



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