Mall Developer Will Lose Long Held Exclusive Negotiating Right

From The Secret News:

No Deal for Madison Marquette

September 12, 2012

By Tracy Schroth

Not in City’s Best Interest to Rush Sale; MM’s Exclusive Right to Develop Land Near Bay St Mall Expires Sept. 30

In a closed session last week, the Emeryville City Council decided not to sell the four acres north of Bay Street Mall to developer Madison Marquette (MM), concluding it was “not in the city’s best interest” to make the sale. After years of delay, MM was rushing to finalize a deal before its exclusive right to develop the land expired on Sept. 30.
Mayor Jennifer West said in an email that a “long range property management plan” will be developed as part of the process of dissolving redevelopment in the city. She said the City Council (as successor agency to the redevelopment agency) will decide probably sometime next year what it wants to do with the property. West said the Council’s decision does not preclude MM from purchasing the land at a later date. The Council did not decide whether to allow other developers to bid for the land, known as Bay Street Site B.

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