SAN FRANCISCO — April 6, 2009. Demolition and remediation activities began this week on the long dormant brownfield in San Francisco known as the Schlage Lock industrial site. The San Francisco Business Times recently named the Schlage Lock site — part of Universal Paragon Corp.’s (UPC) 20-acre, $500 million Brisbane Baylands development project — the Best Land Deal of the Year for 2008.
Ingersoll-Rand, the longtime owner of the Schlage Lock Co. factory that existed on the site, transferred the property to UPC and, in exchange, UPC dropped its decade-old $100 million lawsuit alleging that the Schlage operations had polluted the groundwater at UPC’s adjacent parcel. UPC also agreed to pay a portion of the $25 million cleanup of the site.
Land use lawyer David Cincotta of Jeffer Mangels Butler & Marmaro LLP, represented UPC in the real estate transaction, obtaining approvals that cleared the way for development. During the transaction, Cincotta worked closely with UPC to pull the numerous parties and the various legal components together. The complex deal involved settling the lawsuit, indemnifying parties from claims of future environmental liability, obtaining fixed cost contracts for remediation and securing environmental liability insurance.
On the drawing board for Brisbane Baylands are 1,250 housing units (with 25% set aside as affordable); 100,000 square feet of retail, including a supermarket; and 3 parks. UPC also plans to convert the existing historic Schlage Lock Co. office building, which is currently boarded up, into community space and offices.
San Francisco Business Times reporter J.K. Dineen quoted UPC’s General Manager Steven Hanson as saying, “It’s a fantastic opportunity for the property, which has been standing unused for ten years, to get a new lease on life."
About Universal Paragon Corp.
Universal Paragon Corporation is a leading real estate design and development firm based in San Francisco, creating sustainable, livable and thriving projects that balance economic value and environmental sensitivity. UPC partners with local communities to build a range of residential, commercial, hotel and mixed-use projects that reflect local values and serve local needs.