Locally based builder Corky McMillin Cos. plans to developoffice and research and development buildings, two hotels, homes,parkland and other structures on the property in the Point Lomaarea. The $500-million project will be built over a 10-yearperiod.

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Mayor Susan Golding calls development of such a valuable pieceof waterfront property "a real opportunity" for the city. Failureto take advantage of the project "will be a tragedy," she adds.

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The federal government announced in 1993 that the Navy boot campwould be closed along with dozens of others nationwide followingthe end of the Cold War.

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