There exists a site along Broadway, in between Garnet and 42nd Streets, that consists of sad, vacant commercial properties. These structures sit without purpose, creating an eyesore in a budding community. Our goal is to create a project that puts the property back to productive use, providing much-needed housing and locally serving retail. We intend to complement the existing community and, at present, are getting to know the neighbors and locals, welcoming their input. We are excited about crafting another successful community-inspired residence that meets needs and expands upon the existing community culture.
We have submitted a design package to the City of Oakland that proposes a new five-story mixed-use building which includes first-floor commercial, retail and/or restaurant space with four floors of residential above. The project will include 121 market-rate units and six very low-income units which will be distributed evenly throughout the building. It will include a private open space for residents and roughly 1,200 square feet of ground-level open plaza space for residents and the community to enjoy.
This project benefits the community in so many ways:
- Underutilized land returns to productive use
- Creates much-needed housing:
- 121 market rate units
- 6 very low-income units
- New retail opportunities along Broadway
- New sidewalks, lighting and impeccable landscaping
- Managed by long-term owner/operators
- Helps City achieve the goal of 17,000 new homes to address the housing crisis
We have talked to you about Opportunity Zones (read more here: https://cgistrategies.com/la-land-of-opportunity/). Oakland is experiencing its first Qualified Opportunity Fund investments via QOF projects. Qualified Opportunity Zone Tracts have been designated by former CA Governor Jerry Brown as a part of President Donald J. Trump’s Tax Cut and Jobs Act of 2017.
A combination of Opportunity Zone developments, brand migration, the Broadway expansion and the continual rising costs in San Francisco means Oakland is hitting its stride, redefining itself, and growing into its new role as a city to be reckoned with.