CITY REAL ESTATE
STRATEGY
Presented By
Tracy Irvin, Real Property Manager
Council Economic
Development
Committee
April 6, 2026
1 CITY REAL ESTATE STRATEGIC OBJECTIVES & GOAL
Financial Performance
and Asset Stewardship
• Identify opportunities to
generate revenue or reduce
operating costs
• Identify high-cost/low-
return properties
Strategic Planning and
Public Benefit
• Maximize public benefit
through development
• Generate tax
revenues, affordable
housing opportunities, and
job creation
Risk Management
• Identify deferred
maintenance and market
risks within the portfolio
• Reduce exposure through
proactive planning
Current Goal
• Restore and protect the City’s General Fund reserves, while reducing future financial risk.
Key Objectives
City Center Cinema Place C St & Main St CITY REAL ESTATE PRIORITES FOR 2026-2027
Action Steps
1.Independent appraisals – Awarded; Contracts in process
2.Evaluate hold, lease, restructure, or fee sale options – In process
3.Initiate Surplus Land Act (SLA) & Marketing process – In process
4.Return to Council with negotiation parameters
5.Execute transaction consistent with Council direction
March to
April 2026
May to June
2026
July 2026 &
Forward
Nov 2025
to Feb 2026
• Received City Council
direction
• Proceed with
appraisals
• Identify properties for
Surplus Lands Act
• Begin Surplus Lands
Act with approved
properties
• Develop marketing
materials and
marketing of priority
sites
• Share appraisal results
and market interest to
City Council
• Receive updated
direction based on
market interest and
evaluation
• Return to City Council
for ongoing direction
and approval of price
and terms
Estimated Timeline for Property Sales
➢ No Surplus Land Act Interest: 8–12 Months
➢ With Surplus Land Act Negotiation: 10–15 Months
➢ Complex Entitlements/CEQA: 12–18+ Months
CURRENT ACTIONS & NEXT STEPS
CINEMA PLACE
Property Overview & Background
• The properties consist of Cinema Place site and
Cinema Place Parking Garage totaling
approximately 2.42 acres.
• The site was developed as an entertainment-
oriented retail center by the former Hayward
Redevelopment Agency.
• The site includes 11 retail tenants,
including Cinemark Century Theater.
• In 2024, Hayward Economic Development Corp
was created and purchased the ground lease via
a loan from the City's reserves to stabilize the
property.
Goals
• Sell the leasehold
• Reduce risk
• Maximize public benefit
CITY CENTER
Property Overview & Background
• The subject properties include the former
Centennial Hall site, former City Hall site, and
the City Center parking structure site, totaling
approximately 5.79 acres.
• The City Center site has served as Hayward’s
municipal core since 1969 and formerly housed
City Hall and the Centennial Hall Convention
Center
• In 2019, the City repurchased the central parcel
and demolished the former City Hall building.
Goals
• Sell the property
• Reduce risk
• Maximize public benefit
Property Overview & Background
• The properties include 1026 C Street, a
corner parcel at Main Street and C Street,
and 22696 Main Street, totaling
approximately 0.78 acres.
• The City acquired the properties in 2014 for
$950,000 as a strategic investment to
catalyze downtown redevelopment.
• The acquisition was intended to support
future development opportunities, including
coordination with the adjacent Green
Shutter site to the north.
Goals
• Sell the property
• Reduce risk
• Maximize public benefit
C STREET & MAIN STREET
ADDITIONAL PROPERTIES