As of late 2015, 1551 Buena Vista is a construction site for 89 new houses by the Lennar company.

This SF Business Times article has the whole story, but here are some key facts:

• The site used to have "a 138,000-square-foot warehouse that was occupied by Chipman Relocations, a moving and storage company, for close to 30 years." (Chipman Relocations has since moved to Hayward.)
• "The property is a former industrial area the City of Alameda rezoned to allow for housing development."
• "Lennar bought the site for $17 million from Trident Partners, which entitled the site for 52 single family homes and a 37-unit condo building and finally bought the property in January 2013."

This site is right next to another building project - Star Harbor.