Repositioning Case Study
This 219 acre former refinery property, located in Hercules, California, on the San Pablo Bay, is comprised of a 157-acre parcel on the west side of San Pablo Boulevard, bordering San Pablo Bay, and another 62 acre parcel on the east side of the road, bordering Interstate 80. Gulf Oil originally constructed the refinery in 1966. After a number of changes in ownership, the refinery became a wholly-owned subsidiary of the Coastal Petroleum Company in 1996. The facility was used in its early years to refine crude oil into marketable petroleum products. From 1993 – 1997, it was used as an asphalt refinery, terminal, and distribution facility. It was an operating asphalt refinery at the time of acquisition in the fall of 1997.
The property was repositioned for residential redevelopment in partnership with Catellus Residential based in San Francisco, California. The site was sold to five different home builders who are selling over 850 single-family homes, condominiums and town houses.