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(For more retail coverage, click GlobeSt.com/RETAIL, and to read more on the multifamily market, click here.)

EMERYVILLE, CA-The City of Emeryville Redevelopment has begun closing on three acres known as South Bayfront Site B as part of its 22-acre Bay Street urban renewal effort at the foot of the Bay Bridge. The overall plan calls for 400,000 sf of retail, 366 residential units and 250 hotel rooms, much of which is complete, according to the city’s website. The three-acre ‘B’ Site is slated to hold 100,000 sf to 150,000 sf of retail and either hotel rooms or residential units, according to those familiar with the site.

The B site parcels are being acquired using the city’s power of eminent domain. Bounded on three sides by Bay, Powell and Shellmound streets, the industrial and commercial parcels in 2004 were declared a source of blight inconsistent with the 1976 Emeryville Redevelopment Plan and South Bayfront Area Design Guidelines.

The biggest chunk of the B Site, about 1.1 acres, was acquired from the Adam Family of Nevada last week for $6.2 million. Information on the three other scheduled transactions was not immediately available, but they were expected to close within days of each other. City officials did not return phone calls seeking comment.

Hans Hansson of Starboard Commercial/TCN Worldwide and John Robbins of Carpenter-Robbins Commercial/TCN Worldwide brokered the Adam Family deal. Hansson tells GlobeSt.com that he actively marketed the site for 2.5 years. Originally, the asking price was in the $4-million range, he says.

Because the Adam Family property is considered “the back” of the larger three acre parcel, Hansson says the property likely will be used for parking. As with the other Bayfront redevelopment sites, Madison Marquette will be the master developer.

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