WOW! Regarding the updated theater and Park St area, you have asked a question that is close to my heart! I was born and raised in Alameda and also have been a real estate Broker for over 24 years. Park Street has finally transitioned into a great place to shop, eat and enjoy new restaurants . finally our Alameda Theater has been renovated pretty much back to its original state with the addition of the extra screens and our new parking garage! I took a tour before it was opened and saved some of the gold leaf that was incorporated into the walls to look like it use to when I was a small girl! Regarding condos, there are a few small developments close to Park Street but most are located at Town Center (formerly Southshore Center) and close to the beach. Others are located at the west end of Shoreline and Webster Street. Town Center has had major improvements too! There is a new and wonderful Borders, a large Safeway, a great Trader Joes and there will soon be a Kohls replacing Mervyn's. I had dinner at the new Greek restaurant and it is wonderful. I highly recommend it! There are concerts this summer every Thursday at 5:30 pm. All the condos in Alameda are located close to transit.
If you are interested in looking around this great little town, I have the real estate experience and know Alameda like the back of my hand! Have a great weekend and thank you for asking the question!!