Stephen Woolery, FDC's director of real estate, tells GlobeSt.com the project $100-million first phase consists of an expansive pedestrian village, parking for 150 cars and two mixed-use buildings totaling 255,000 sf on 3.7 acres. The buildings contain a total of 47 apartment units for which there is a waiting list, 114,000 sf of office/commercial space that is 85% leased and 40,000 sf of retail space that is 80% leased, says Woolery. The property manager for the development is Walnut Creek-based Boardwalk Investment Group.

To assure local merchants have the opportunity to lease space, only 20 percent of retail space in the Village was opened to national chains. Office/commercial tenants include a 45,000 sf nonprofit clinic, a 16,800-sf childcare center, a 15,000-sf public library, an 8,500-sf activity center for seniors, a computer center and a dental practice. Retail tenants include Burger One, TCBY/Mrs. Fields Cookies, Coldstone Creamery, Giovanni's Pizza, Jalisco III, a bank branch and a bridal shop. A second phase, planned for an adjacent 4.2-acre parcel currently used as a surface parking lot, will include an additional 215 apartment units with ground floor retail, ideally a combination grocery store and pharmacy.

Woolery says financing for the project came from 34 different sources, including myriad local state and federal agencies and programs. The largest financing component is a $27-million loan from Citibank. In addition to revitalizing the Fruitvale District, a largely Hispanic area, the project is mean to help wean the Unity Council off public subsidy and make it a self-sustaining operation. Woolery says the project will definitely produce income after debt service and will be a long-term hold for the Unity Council.