Brookfield's project website still has a line dated March 2024 saying entitlement materials for the former Concord Naval Weapons Station should be ready for consideration in early 2027. The City of Concord's own May 2026 staff report gives a later date. It now expects all entitlements and agreements to reach the City Council in the summer of 2029.
That gap matters if you're comparing Concord with Pleasant Hill, Martinez, or Walnut Creek and you keep hearing that thousands of homes are coming. They are, but the deal that took a big step this fall was written to start slowly. Until it does, the price of a Concord home comes from the houses already on the market.
What happened this fall, in order
There were three approvals in five months, and all three are real progress. On May 26, 2026, the City Council, sitting as the Local Reuse Authority, voted unanimously to approve the Navy financial term sheet, revisions to Brookfield's term sheet, and an extension of Brookfield's exclusive negotiating agreement. The Navy approved its term sheet on September 24, 2026. That agreement sets the price and payment terms for about 2,422 acres. Six days later, Governor Gavin Newsom signed SB 328, a bill by Senator Tim Grayson that gives eligible projects consistent with the area plan specified treatment under CEQA.
Guy Bjerke, the City's Director of Economic Development and Base Reuse, retired on September 30 after 11 years in that role. In the City of Concord's announcement, he said, "I am proud the Base Reuse Project has reached this important milestone."
The Navy's term sheet covers price and payment terms. The May 26 staff report lists the steps still ahead, and this is the calendar the City itself has published:
| Step | What it is | Timing in City documents |
|---|---|---|
| EDC Memorandum of Agreement | Final conveyance terms between the City and the Navy | Due within 90 days of the Navy's approval, which puts it around late December 2026 |
| Specific Plan work begins | Consultants for the City and Brookfield start on the layout, uses, and features | "This winter" |
| Community engagement | Public input on the Specific Plan | Early 2027 |
| Entitlements to Council | Specific Plan and Disposition and Development Agreement | Summer 2029 |
| Brookfield's exclusive negotiating window | Deadline for entitlements and agreements | December 31, 2029, with two conditional three-month extensions to June 30, 2030 |
| Initial property transfer | About 1,000 acres move from the Navy | 2030 |
The schedule has already moved once. The earlier agreement set March 2028 as the deadline to finish entitlements. The staff report says Navy negotiations took longer than expected and added an estimated 19 months. Under the term sheet, the Navy can change the conveyance method if the Memorandum of Agreement isn't signed within 12 months.
The Navy gets paid mostly when the late phases succeed
The payment schedule shows why the project is built to move slowly.
If everything goes to plan, the Navy should receive about $628 million over a build-out of roughly 30 years and five phases. Only a small part of that is guaranteed early. The Navy gets a $4.6 million deposit when the first land transfers in 2030. Four annual payments of $10 million plus interest follow from 2033 through 2036. The Contra Costa Herald put the developer's total fixed payment at $44.6 million plus interest. That's about 7 percent of the projected total.
The rest depends on how the project performs. The Navy receives 10 percent of gross land proceeds from Phase 4 transfers and 12 percent from Phase 5. It also receives half of the City's share of profit in any phase where Brookfield's internal rate of return goes above 18 percent.
So the seller's biggest payout comes in the later phases, and only if those phases turn a strong profit. The Navy has little reason to push for speed and good reason to want the early phases to hold together financially. Over the life of the project, the staff report estimates $7,475.5 million in sources of cash, $5,419.5 million in costs, and $2,056 million in net cash flow, using a 3 percent inflation factor. Those figures cover three decades, and most of the money comes in toward the end.
Phase 1 was made lighter on purpose
The revised Brookfield term sheet moves several costly items out of the first phase. The staff report says one of these deferrals "improves the fiscal integrity of Phase 1 which incurs significant up-front infrastructure costs." These items moved from Phase 1 to Phase 2:
- The Evora Road connection from Port Chicago to Mt. Diablo Creek, along with repairs to Diablo Creek Golf Course
- The Evora Road bridge at Mt. Diablo Creek
- The Kinne Culvert at Mt. Diablo Creek
- A potable water storage reservoir of about 1.65 million gallons per day
Community benefits moved too. The 4-acre Veterans land set-aside shifted from Phase 1 to Phase 3. Brookfield's $5 million Phase 1 contribution to the Tournament Sports Park was folded into its Phase 2 payment, which is now $20 million. The project's total commitment to that park stays at $100 million. Repayment of the City's $15 million loan to the project moved from Phase 1 to Phase 3.
The overall plan didn't shrink. The staff report says units, square footage, community benefits, and infrastructure are the same as in the 2024 term sheet. That means 12,272 homes, 25 percent of them affordable, about 6 million square feet of commercial space, 16 acres for permanent supportive housing, 10 acres for a food bank expansion, and 868 acres of local parks, paths, and bikeways. The City's September announcement says the commercial space could support up to 26,500 jobs. The deferrals change the order of construction. Roads, a bridge, and water storage on the base itself now come later than first planned.
Concord's September prices come from homes already built
The base has no homes for sale, so Concord prices this fall come from the city's existing housing.
In September 2026, Concord's median single-family sale price was $791,000, down 5.0 percent from September 2025, based on 62 sales. Homes sold in a median of 30 days, at 100.7 percent of list price. The countywide single-family median that month was $855,000. Nearby September medians were $800,000 in Martinez, $1,187,500 in Clayton, $1,215,000 in Pleasant Hill, and $1,602,500 in Walnut Creek.
Concord's condo and townhome median was $398,000 in September 2026, up 11.6 percent from a year earlier. That figure comes from only 23 sales, though, so one or two deals can move it a lot. Those homes took a median of 49 days to sell. Across Contra Costa County, the California Association of REALTORS® September 2026 report put unsold inventory at 2.7 months, compared with 2.9 months in September 2025.
When a home sells in a month at slightly above list price in a county with less than three months of supply, the price reflects today's buyers and today's listings. Under the City's schedule, entitlements go to the Council in the summer of 2029, and the first land transfer from the Navy happens in 2030. None of the City documents give a date for the first homes.
The one thing that could change on the ground sooner is pre-development work. The term sheet calls for a Lease in Furtherance of Conveyance, which would make the City responsible for security and maintenance "as early as practical," and no later than 2030. That lease would allow work such as wetlands creation and infrastructure installation before the land formally transfers. None of the documents give a start date for that work.
A few questions about the base
Does SB 328 set rules for the affordable homes? According to the Contra Costa Herald's report on the signing, the law requires at least 25 percent of residential units to be restricted to lower-income households. The restriction lasts at least 55 years for rentals and 45 years for owner-occupied homes.
Will homes on the base carry special taxes? That hasn't been decided. Brookfield's 2024 fiscal analysis looked at possible public financing "such as Community Facilities Districts." The staff report says Brookfield and the City will update that analysis before the Council considers entitlements. This post is general information, not legal, tax, or financial advice. If you're weighing a purchase, check the details with the right professional.
How did Brookfield end up as master developer? CC Pulse, citing Bay City News, reported that Lennar withdrew in 2020 and the City selected Brookfield in 2023. The City's staff report says Brookfield's original term sheet was accepted in 2024.
Where can I follow progress? The City posts updates and documents on the Concord Reuse Project website.
If you're deciding between Concord and a nearby city and want to know how the base timeline fits the years you plan to own, I'm happy to walk through it with you, along with the recent sales on the streets you're considering. Christine Canales can help you price the Concord that exists today. Let's Connect.
