FREMONT -- Ohlone College has taken a major step toward altering the look of its campus, as it has chosen a developer to build more than 300 homes along Mission Boulevard.
The college's board selected San Francisco-based Carmel Partners, which proposes building 314 housing units and 25,000 square feet of retail on 15 acres. Ohlone also will grant the developer control of the property for 60 years, with a 30-year option.
In return, Carmel will give the college an initial payment of $1.2 million. After that, annual lease payments will be $600,000, but they could increase after five years.
The deal is not yet complete, however. The developer still must receive approval of key details from Fremont planners and elected leaders before construction can begin.
Carmel was one of two companies that submitted bids for the project. Clark Realty Capital was not selected, despite having been in talks for several months with college leaders about the property.
Clark had proposed a slightly smaller project, featuring 300 homes and 20,500 square feet of retail.
Contact Chris De Benedetti at 510-353-7011. Follow him at Twitter.com/cdebenedetti.