"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."
"While the company was unable to obtain financing for the original version of the proposal, a new iteration approved by council members at their Sept. 9 meeting, now calls for 168 for-sale homes, 141 multi-family townhomes and 27 live-work units on five parcels covering about 7 acres of land. It's been a journey on this project, said Jason Silver, Ledcor's vice president of development, during the council meeting. I'm still very proud of it."
"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. The market is significantly soft after a really surprising lack of sales in the spring selling season into the summer, Santry said."
Ledcor reduced the original plan for 476 apartments on nearly 4.5 acres to a new approved plan of 168 for-sale homes, 141 multi-family townhomes and 27 live-work units across five parcels totaling about 7 acres. The change followed inability to obtain financing for the original proposal and a softer market with high interest rates, stagnant rents and rising construction costs exacerbated by tariffs. Ledcor previously completed The Exchange and The Dylan, delivering 403 units. The firm expects to market the project to a national home builder beginning January 2026, with construction anticipated to start summer 2026 if conditions improve.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]