CDX Enters Mixed-Use Project at Mission Bay:
Press Release
SOURCE: Catellus Development Corporation
Catellus Enters Into Joint Venture for Development of Residential Mixed-Use Project At Mission Bay
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 10, 2001--Catellus Development Corporation (NYSE:CDX - news) announced today that it has entered into a joint venture with AEW Capital Management, L.P., on behalf of an institutional client, to develop a $295 million multi-family residential, mixed-use project at Mission Bay. AEW's client plans to contribute approximately 71.5% of the equity capital required to develop the project and Catellus plans to contribute the remaining 28.5%. In addition, the joint venture will ground lease the 4.9-acre site from Catellus at an initial value of $42.7 million based on $50,000 per residential unit, $65 per office/retail rentable square foot, and $5,000 per parking stall.
Nelson C. Rising, chairman and chief executive officer of Catellus, commented, ``We are extremely pleased to be partnering with AEW to develop the site and believe their commitment demonstrates both the quality and long-term investment value of this key project. It will be the first truly mixed-use building developed at Mission Bay and will offer residential, office and retail services to local residents and surrounding business.''
Plans for the project include approximately 595 residential units; 83,000 square feet of grocery, restaurant, and retail space; 45,000 square feet of office; and more than 940 parking stalls. The site is located on the north side of King Street between Third and Fourth Streets on what is referred to as the N1 parcel of the Mission Bay land use plan adjacent to Pacific Bell Park, home of the San Francisco Giants baseball team. Construction on the project began this month with the initial phase scheduled for completion in the third quarter of 2003.
Catellus Development Corporation is one of the nation's premier diversified real estate development companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns a portfolio of rental properties totaling 30.3 million square feet and one of the largest supplies of developable land in the Western United States capable of supporting over 43 million square feet of new commercial development and an estimated 11,700 residential lots and units. More information on the Company is available at www.catellus.com.
Except for historical matters, the matters discussed in this release are forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about plans, opportunities, leasing, development, construction, and property values. We caution you not to place undue reliance on these forward-looking statements, which reflect our current beliefs and are based on information currently available to us. We do not undertake any obligation to publicly revise these forward-looking statements to reflect future events or changes in circumstances.
These forward-looking statements are subject to risks and uncertainties that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by these statements. In particular, among the factors that could cause actual results to differ materially are: changes in the real estate market or in general economic conditions, including a general economic slowdown or recession; industry competition; availability of financing and changes in interest rates and capital markets; discretionary government decisions affecting the use of land, and delays resulting therefrom; changes in the management team; weather conditions and other natural occurrences that may affect construction or cause damage to assets; liability for environmental remediation and changes in environmental laws and regulations; failure or inability of third parties to fulfill their commitments or to perform their obligations under agreements; costs and availability of land and construction materials; risks related to the performance, interests and financial strength of the co-owners of joint venture projects; changes in policies and practices of organized labor groups; and other risks inherent in the real estate business.
For further information, you should refer to Catellus Development Corporation's report on Form 10-K for the fiscal year ended December 31, 2000, and Form 10-Q for the fiscal quarter ending June 30, 2001, each filed with the Securities and Exchange Commission.
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Contact:
Catellus Development Corporation
Pamela Matthews, 415/974-4616 (Media)
Minnie Wright, 415/974-4649 (Investors) |
