Cityview Raises $100M for California OZ Development
- May 27, 2021
Cityview has raised nearly $100 million in equity for Oakland Waterfront, a $250 million Opportunity Zone residential project that will bring 378 units of housing to the Brooklyn Basin master-planned community in Oakland, Calif.
Construction on the project, which is expected to generate about 2,000 jobs, is slated to start in the second quarter of 2021 and be completed in 2023.
Located on the Oakland Estuary, Brooklyn Basin is approved for 3,100 units including affordable-rate, market-rate and active senior housing. The community will also feature 32 acres of parks, restored wetlands, a new marina and 200,000 square feet of retail.
Brooklyn Basin dates back to 2001, when the Port of Oakland began soliciting developer proposals and Signature Development Group was chosen as the master developer. In March 2014, Signature began infrastructure construction and roadway improvements at the 64-acre site. More recently, in April Signature received $130 million in financing from Bank OZK for development of 196 units on Brooklyn Basin Parcel E.
Cityview’s eight-story Oakland Waterfront development will have a mix of studios, one-, two- and three-bedroom apartments with more than 80 percent overlooking the waterfront. The property will have 331 parking spaces for residents and guests, as well as 1,700 square feet of retail space.
Oakland Waterfront is being designed to complement the Brooklyn Basin community and Cityview residents will be able to take advantage of the master-planned community’s public spaces including oceanfront parks, a promenade, marina, event space venue for concerts and art exhibits and its retail offerings.
Residents will also have access to the Brooklyn Basin private transit shuttle service which connects to the water ferry in Jack London Square as well as BART stations in Lake Merritt and downtown Oakland in less than 10 minutes. Whether working this side of the Bay or commuting to San Francisco office space, this development is excellently positioned for transit. Moreover, Oakland Waterfront will be minutes from Interstate 880, providing access to San Jose, Calif.
Cityview is partnering with general contractors James E. Roberts Obayashi and Webcor, architecture firm AC Martin and interior design firm Nadia Geller Designs for the Oakland Waterfront project.
Opportunity Zone Investments
Cityview CEO Sean Burton said in prepared remarks the firm was pleased with how excited investors were about the project, adding there was ongoing demand even though Cityview had reached its target raise. He noted that there was a surge in Opportunity Zone interest in the first quarter of this year.
Burton said the firm expects interest in Opportunity Zone investments to remain strong because of the ongoing political discussions regarding possible changes to 1031 exchanges and other tax-advantaged real estate strategies.
Oakland Waterfront is Cityview’s third Opportunity Zone project. The firm is currently developing Adams & Grand, a $125 million, 296-unit mixed-use Opportunity Zone project in Los Angeles near the University of Southern California. Adams & Grand broke ground in December and is expected to be complete by early 2023.
Cityview also developed Mira, a 174-unit project in an Opportunity Zone in the Warner Center in Los Angeles. In other projects, Cityview is developing Liv at Pico, a 123-unit mixed-use community in Mid-City Los Angeles that recently broke ground and Belle on Bev, a 243-unit multifamily community in Filipinotown in Los Angeles that is expected to break ground next month.