CIM Group Breaks Ground on CA Project
Plans for the eight-story building call for more than 300 apartments above street retail in Oakland’s Jack London Square district.
By Jeff Hamann
CIM Group has broken ground on its latest residential development in Oakland, Calif. The owner expects the 333-unit community and its 2,400 square feet of street retail to open in late 2020. In October of 2017, Comerica Bank provided a $93 million construction loan to finance the project, according to public records.
Located at 40 Harrison St., the 1.7-acre development site is positioned in Oakland’s Jack London Square waterfront district. CIM acquired the site from DivcoWest for $18.5 million in 2016. The building will sit one block from the Jack London Square Amtrak station and four blocks south of Nimitz Freeway, enabling convenient and regular access throughout the East Bay and into San Francisco, 10 miles to the west.
The SCB-designed community’s plans call for a mix of studio and one- to three-bedroom units. Amenities are set to include a fitness center, bicycle storage and outdoor terraces. The San Francisco Bay Trail runs near the location, connecting the site with the Oakland ferry terminal.
Image courtesy of SCB