Forest City plans to develop 770 units of rental housing, of which approximately 155 units will be affordable housing. The city is expected to subsidize at least $25 million of the project.
Last year, the city entered an exclusive negotiating agreement with Forest City to develop approximately 1,400 units of housing between 18th and 20th streets and Telegraph and San Pablo avenues in Oakland. However, the deal will not go through until an environmental impact report is submitted.
To raise funding, the city had proposed selling several parking garages, however, that plan proved unsuccessful. Now, the redevelopment agency is proposing a bond issue based on parking revenues, the sale of the downtown Preservation Park office complex, and a bond swap.
City officials have recommended selling Preservation Park, a complex of restored houses that provides office space to nonprofit organizations, to the East Bay Community Foundation for $6.5 million. The council's economic development committee will review this recommendation and discuss the bond deals on March 18.
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