HomeMy WebLinkAbout8.1 Att 2 Request from Prologis dated 02-14-2014 PROLOGIS
-Via Email-
February 14,2014
Ms. Linda Smith
Acting Assistant City Manager
City of Dublin
100 Civic Plaza
Dublin,CA 94568
RE: DEVELOPMENT AGREEMENT EXTENSION
6700 GOLDEN GATE DRIVE
DUBLIN,CALIFORNIA
Dear Linda,
Pursuant to our recent discussions,Prologis (formerly AMB Property Corporation) respectfully requests an
extension to the original development agreement to allow for additional time to process the redevelopment of
the site.
As you know,we have been actively pursuing the property redevelopment during the past several years. We
have managed our leasing to accommodate near term redevelopment and we have identified a strong
developer to take on the project. We had the property in contract to sell in 2008 and unfortunately,due to
the recession and the severe downturn in the housing market, the sale did not go through. For the past five
years we have monitored market conditions and discussed the potential sale with brokers and potential
developers,but the market conditions did not make a sale during that period feasible. It is only recently that
the site's value has come back to a level that redevelopment of the site makes sense versus the continued
industrial use which is currently in place.
We appreciate you and the City working with us. We look forward to proceeding quickly to maintain the
schedule we discussed in our meeting last week.
Best regards,
1
Mark Hansen
Senior Vice President, Investment Officer
Pier 1,Bay 1 San Francisco,California 94111 Main 415 394.9000 www.prologis.com
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