(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)
OAKLAND, CA-The Oakland City Council this week approved a 64-acre development by Signature Properties that calls for 3,100 housing units, 200,000 sf of retail stores, 200 boat slips in two marinas plus parks, trails and restored wetlands. The Pleasanton-based company is under contract to acquire the property from the Port of Oakland for $18 million.
The so-called Oak to Ninth development would include several towers rising as high as 24 stories and many smaller buildings topping out at eight stories. There will be a total of 12 to 20 buildings depending on their ultimate size.
Signature Properties president Mike Ghielmetti tells GlobeSt.com he expects to break ground for the project in late 2007 and have the first units ready for occupancy by 2010. Total build out likely will take 15 years, says Ghielmetti, who has spent five years getting to this point.
The council voted 6 to 0 to approve the project after a four-hour hearing; two councilors abstained. As part of the approval of the Oak to Ninth development, Ghielmetti agreed to hold back 15% of the housing units for families earning under $50,000 per year. Also, he agreed to employ 300 City of Oakland residents as apprentices during construction, and maintain for the public 30 acres of parks and trails.
In addition to the $18-million purchase price, Signature Properties will spend millions more to remediate contaminated land on the property. Once the clean-up is complete, however, the council has agreed to pay $29 million to buy back land for an $85-million affordable housing development by the city's redevelopment agency.
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