Wood Partners has broken ground on the largest budgeted development in its history, a 372-unit luxury waterfront community just south of Oakland, Calif. The property, Alta Buena Vista, is slated to open in early 2022 on the north side of Alameda Island in the San Francisco Bay.
Located at 1501 Buena Vista Ave., the adaptive reuse project will create modern housing and retail on the site of a large vintage warehouse. The community will offer studio, one- and two-bedroom apartments as well as two- and three-bedroom townhomes. Amenities of the 10-acre property, designed by BAR Architects, will include a fitness center, multiple roof decks and 11,000 square feet of ground-floor retail.
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Multi-Housing News understands that the project will consist of eight new buildings within the preserved perimeter walls of the existing Del Monte Warehouse, a six-acre brick facility built in the 1920s that has been vacant for several years.
The site is located a 9-minute drive from the Alameda Main Street Terminal, which provides ferry service to downtown San Francisco and bus connections to downtown Oakland and San Francisco via the Bay Bridge. Connections to the Bay Area Rapid Transit (BART) system are also available and the property has quick access to Interstate 880 via tunnel or bridge.
Nearby amenities include the dining and nightlife options of the Park Street and Webster Street corridors as well as Jack London Square, a waterfront entertainment district in Oakland. The prosperous neighborhood has a population of 23,736 and a median household income of $86,151 within a one-mile radius of the site.
Wood Partners characterized the new project as the island’s first market-rate apartment development in more than 40 years. Just across the strait in downtown Oakland, Signature Development recently opened Orion, a 241-unit premium community at 255 Ninth Ave. BAR Architects designed the property, which forms the first piece of the Brooklyn Basin mixed-use neighborhood.
Wood Partners currently owns 68 properties totaling more than 18,000 homes across the U.S. The developer opened Alta Green Mountain, a 260-unit luxury community in the Denver suburb of Lakewood, Colo., just last week.