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Overton Moore aims to plant 760K sf of industrial in Tri-Valley
Commercial developer plans two large buildings west of Livermore
A Southern California developer has filed plans to build two industrial buildings totaling nearly 760,000 square feet just outside Livermore.
Overton Moore Properties has proposed developing two parcels on unincorporated quarry land just west of the city limits, San Francisco Business Times reported. The commercial developer wants Livermore to annex the parcel and an adjacent site.
The two parcels, Surface Mining Permit 39 and Surface Mining Permit 40, make up 71 acres.
The land between West Jack London and East Stanley boulevards near the Livermore Municipal Airport is owned by Zone 7 Water Agency, a Tri-Valley water wholesaler, and “multiple mining companies,” according to city records.
Overton Moore, an industrial and office investor based in Torrance, declined to comment on the application.
The two parcels are part of 1,000 acres of unincorporated Alameda County land that has long been used for mining and water management. While still being mined, much of it has been targeted for redevelopment. Amazon.com in September paid $70 million for nearly 60 acres for a future distribution warehouse.
Overton Moore’s proposed project will require a general plan amendment and the approval of a development agreement, according to documents from Livermore. In November, city leaders voted to move the project forward. It’s unclear whether it wants to build for logistics or manufacturing.
The City of Livermore has suggested the development agreement include community benefits, with priority given to land use that generates significant tax revenue and high quality jobs. That could include advanced manufacturing or lab, research and development facilities.
The Tri-Valley region along Interstate 580 has 1.55 million square feet of warehousing and distribution space under construction, a record low, even as tenants seek up to 21 million square feet for such uses, the Business Times reported .
Demand for advanced manufacturing space has increased during the pandemic, with Bay Area cities preferring manufacturing over logistics warehouses. Manufacturing pays higher wages and generates higher sales taxes, while warehouses impact the environment and roadway infrastructure.
Overton Moore, founded in 1972, developed Fremont’s 1.7 million-square-foot Pacific Commons South industrial campus, which in September landed a $220-million refinancing loan.
[San Francisco Business Times] – Dana Bartholomew