The city took control of the land at Alameda Point, formerly the site of the Alameda Naval Air Station, on June 4.
A conveyance ceremony will be held this afternoon, and participants will include Rep. Barbara Lee, Alameda Mayor Marie Gilmore, and Roger Natsuhara, the Navy's acting assistant secretary of energy, installations and environment.
"This is a momentous occasion for the city of Alameda," Gilmore said in a statement. "Twenty years after the federal government announced the closure of this Naval Air Station, we are now the proud owner of over 1,300 acres of property in one of the most coveted locations in the Bay Area."
The Navy, which closed the base in 1997 because of budget cuts, had initially asked for $108 million for land but agreed in September 2011 to transfer the site back to the city at no cost.
Naval officials have said the federal government will save money by not maintaining the site anymore, although it is still responsible for environmental cleanup there.
The city lost an estimated 14,000 military and civilian jobs when the base closed, but city officials say redeveloping the site will lead to thousands of new jobs and increased tax revenue.
Today's ceremony is scheduled for 2 p.m. at the end of Main Street at Navy Way.