The Nimitz Group LLC, which is in partnership with the city of Vallejo for the development of Mare Island, announced Friday it has closed on the acquisition of 500 acres of land on Mare Island from Lennar Mare Island.
The acquisition expands The Nimitz Group’s holdings to more than 800 acres of commercial and residential land on San Francisco Bay.
Vallejo City Manager Greg Nyhoff said:
“This acquisition signals the next evolutionary phase in the revival of Mare Island.”
“We are excited to expand our work with the Nimitz Group through an innovative partnership and continue to build momentum that will establish Mare Island as the premier destination in the San Francisco Bay Area.”
The Nimitz Group’s purchase of the former Mare Island Naval Shipyard from Lennar Mare Island includes 3.6 million square feet of leased commercial, light industrial, manufacturing and office space that is currently home to more than 110 businesses and 3,000 jobs with more available, entitled land and historical buildings cleared for adaptive use, city officials said.
The city selected The Nimitz Group in May 2018 for exclusive negotiations of 157 acres of land on North Mare Island, and began the second phase of demolition of vacant buildings on North Mare Island last week to clear the way for development.
The Nimitz Group is developing a master plan for Mare Island that will include the 500 acres purchased from Lennar Mare Island, the 157 acres on North Mare Island and a 170-acre former golf course The Nimitz Group purchased in June.
“Combining the north and south parts of the island under a single private developer, and the support demonstrated by our community and the City Council will accelerate the growth and expansion of commercial opportunities on Mare Island.”