"Ledcor Development, a Southern California firm, had previously planned to build 476 apartments on nearly 4.5 acres of land divided across three parcels just off the San Pablo Bay. The proposal was part of a larger three-part development effort dubbed the Hercules Bayfront Community. Ledcor has already seen the completion of two other apartment projects - The Exchange and The Dylan - that brought 403 units to the city."
"But market-rate development has slowed recently as interest rates remain high, rents stagnate and the industry braces for the already rising costs of building materials to be compounded by President Donald Trump's tariffs. Ledcor Senior Vice President John Santry said the firm, which specializes in apartment, condo, mixed-use and resort development, will likely seek to sell the project to a national home builder beginning in January 2026, when interest rates may be lower, Santry said. Construction is then expected to begin that summer."
Ledcor Development originally planned 476 apartments across nearly 4.5 acres on three parcels at the Hercules Bayfront. The company completed two previous projects, The Exchange and The Dylan, adding 403 units to the city. Financing for the original proposal proved unavailable, so a revised plan approved Sept. 9 calls for mixed housing: 168 for-sale homes, 141 multi-family townhomes and 27 live-work units across about 7 acres and five parcels. The site is part of the Transit Village Neighborhood intended to serve a future multimodal transit hub. Market-rate development slowed amid high interest rates, stagnant rents and rising material costs. Ledcor may sell the project to a national home builder in January 2026, with construction expected the following summer.
Read at The Mercury News
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