HERCULES -- Escrow has closed on a developer's purchase of the half-finished Sycamore North project after the city cleared up a last-minute title glitch.
On Jan. 28, the City Council approved a sale to UC-BNB Partners LLC for $1.1 million, expecting escrow to close at the end of that week. But last-minute title complications arose over about 20 square feet of space at the edge of the property; those questions have been resolved, and escrow finally closed Feb. 11.
The project ate up more than $32 million in redevelopment money with the city acting as developer, until it ran out of money in 2011. UC-BNB has renamed it Town Centrale.
The council also approved a final map calling for 147 multifamily residential units and 12,777 square feet of ground-floor commercial space in the four-story complex.
UC-BNB hopes to begin construction in six months after updating plans, soliciting bids and obtaining the necessary permits, and to complete Town Centrale 12 months later, according to the latest weekly report of interim City Manager Phil Batchelor.
Contact Tom Lochner at 510-262-2760. Follow him at twitter.com/tomlochner