CIM Grabs NorCal Development Site
- Mar 14, 2018
A joint venture between CIM Group and Strada Investment Group has acquired a 1.3-acre development site in downtown Oakland, Calif. The new owners intend to build a 16-story, 288-unit apartment community on the parcel. The project is anticipated to be completed within the next two years, though construction is not yet underway.
Evolving plans in an accessible location
Located at 1100 Clay St., the project site is situated within five blocks of interstates 880 and 980, enabling easy access to downtown San Francisco, 10 miles away. Abundant public transportation is in the immediate area of Oakland’s central business district, with the 12th Street BART station positioned one block to the east.
The property is planned to contain a mix of studio to three-bedroom units above 4,000 square feet of street retail. Community amenities will include co-working and meeting space, a fitness center, bicycle storage and a rooftop deck.
Initially envisioned as an office development in 2000, the project changed a number of times in recent years. In 2015, the City of Oakland approved plans for a 262-unit multifamily project, and the owners are currently seeking approval to increase the density of the building, according to SocketSite. Arquitectonia completed an earlier design of the building, which has since been adjusted by Kennerly Architecture and Planning. An additional building on the parcel may be in the works as part of a second phase following the completion of 1100 Clay, per Yardi Matrix data.
Image courtesy of CIM Group