BENICIA — The vast Valero refinery in Solano County could be redeveloped as a result of an assessment of the prime site that Valero and one of the Bay Area’s top real estate firms have just launched.
Signature Development, one of the Bay Area’s most successful development and investment firms, is working with energy giant Valero to assess the future of the refinery complex in Benicia.
“We are pleased to work with Valero to evaluate redevelopment opportunities for the Benicia refinery property,” said Mike Ghielmetti, president of Pleasanton-based Signature Development Group.
The future of the 900-acre Valero’s oil refinery property in Benicia turned murky after the energy company notified the state government on April 14 that the plant’s closure was among the options that Valero was weighing for the complex.
Valero Energy Corp. announced that its subsidiary, Valero Refining Company-California, had notified the state Energy Commission of its “intent to idle, restructure, or cease refining operations at Valero’s Benicia Refinery.”
The energy company is evaluating strategic options for its California assets, including the Benicia refinery and another refinery in a Los Angeles neighborhood known as Wilmington.
“As part of the process, Valero is working with Bay Area-based Signature Development Group to evaluate redevelopment opportunities for the Benicia refinery property,” Signature Development stated.
Signature Development is well-suited to help Valero chart and navigate a beneficial course for the Valero refinery.
The real estate firm’s projects include:
— the game-changing Brooklyn Basin project along Oakland’s waterfront.
— the successful Ruby Hills housing and golf course neighborhood in Pleasanton.
— Willow Village, the creation of a new Menlo Park neighborhood to replace an office and research campus near the main headquarters of Facebook app owner Meta Platforms.
“Signature Development Group has extensive knowledge and experience in the Bay Area, especially working collaboratively with communities on large, complex redevelopment projects,” the company stated.
The Valero site includes scenic hills and views of the Carquinez Straits that wend their way past the shores of Solano County and Contra Costa County.
“We look forward to collaborating and coordinating with the City of Benicia, neighboring property owners and the broader community as we explore potential redevelopment of the site and plan for its future,” Ghielmetti said.