SNK Development has agreed to pay Oakland's Redevelopment Agency $3.3 million for a site at the edge of the city's Chinatown district. The land, located at the corner of Ninth and Franklin, will be home to a $19.3 million, six-story apartment project known as Arioso.
The building will have 88 apartments, 5,800 sf of retail space and 223 parking spaces. At completion, the redevelopment agency will pay SNK Development $2.8 million to buy back 135 parking spots for public use.
If approved by the Oakland City Council, this will be SNK's second downtown-area project. It is already building the 310-unit Allegro development six blocks away, near Jack London Square.
These two projects are said to be part of Mayor Jerry Brown's drive to attract 10,000 new residents to the area in a drive to revitalize the city's downtown.
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