Underwater Alameda property selling for $400K

An underwater property in Alameda, California, listed at $400,000, is literally submerged and located at 610 Grand Street. Despite its condition, the listing describes it as an opportunity for investors or developers to create a unique aquatic residence. The property requires approvals from multiple city and environmental agencies before any development can begin.

The current owner, a San Lorenzo-based pastor, bought the property at auction for $100,100 without realizing it was underwater. Faced with the challenges of its actual state, he is now trying to sell it to recover his investment. The local real estate market suggests significantly higher values for nearby properties, highlighting the unique nature of this lot.

To develop the 610 Grand Street property, which is located in Alameda, California, and is currently underwater, several approvals are needed from various agencies. These agencies include the city of Alameda, the Army Corp of Engineers, the Water Board, Public Works, and the Bay Conservation and Development Commission.

The approvals are necessary to ensure that any proposed development on the property aligns with local, regional, and national regulations, as well as to address any environmental, safety, and infrastructure concerns that might arise.

Here is a brief overview of the roles of the agencies involved in the approval process:

1. City of Alameda: The local government will review the proposed development plan and assess its compliance with zoning laws, land use regulations, and any other municipal requirements5.

2. Army Corp of Engineers: This federal agency will evaluate the project's potential impact on the surrounding environment, particularly concerning water resources, and provide guidance on necessary mitigation measures.

3. Water Board: The Water Board's primary concern is protecting the state's water resources. They will review the project to ensure it complies with water quality standards, wastewater discharge requirements, and any other water-related regulations.

4. Public Works: The Public Works department will assess the project's impact on public infrastructure, such as roads, sewers, and utilities, and provide input on any necessary improvements or adjustments.

5. Bay Conservation and Development Commission (BCDC): As the property is located within the San Francisco Bay area, the BCDC will review the project to ensure it complies with the agency's policies and regulations, which are aimed at protecting the Bay's natural resources and promoting responsible development.

It is important to note that obtaining these approvals may require a significant amount of time, as each agency will need to conduct thorough evaluations and consultations before granting permission to proceed with the development. Additionally, the property owner may need to work closely with engineers, architects, and other professionals to address any issues or concerns raised by the agencies throughout the approval process.