With Downtown Oakland office vacancies topping 23.3% in Q3 2022, CIM Group has adjusted its plans for a 450-foot tower it already has approval to build at 325 22nd Street.
According to a report in the San Francisco Business Times, CIM has decided that instead of building an office campus known as 2 Kaiser Plaza on the site, a 569-unit residential tower to be known as Town Tower will rise on the site.
In 2018, CIM received approval to put up two office buildings on the 22nd St. site, a 670K SF, 250-foot tall and a 1.1M SF, 450-foot tower. The development also envisioned about 10K Sf of ground-floor retail and restaurants.
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