‘Sovereign wealth funds’ from Persian Gulf counties have been implicated in human rights violations, other controversies.
At such an early stage of development at the former Concord Naval Weapons Station, it’s likely too early to say whether Brookfield’s funders pose a problem for Concord.
In October, federal financial committees accused Brookfield’s management of stonewalling Congress by refusing to hand over records and answer questions about the transaction — including whetherwhen it said that “no Qatar-linked entity” had been involved in the deal. Guy Bjerke, Concord’s director of economic development and base reuse, said city officials knew and investigated the developer’s connections to an immense international asset management company. However, he was unaware of the specific sources of Brookfield’s finances and specific connections to Saudi Arabia and Qatar until informed by this news organization Wednesday.
Notably, the New York-based developer and real estate giant agreed to several crucial requests in order to win over the council: Designate at least 25% of the housing on the inland site as affordable, hire 40% of its construction workforce from within Contra Costa County, and prioritize connecting the community to the nearby BART station within the first phase of construction.
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