OAKLAND, CA - CIM Group announced that it has acquired a development parcel located at 1100 Clay Street from the City of Oakland, and will fulfill the city’s vision for the site to be developed into a prime residential property with community benefits. The site is fully-entitled for a 16-story, 288-unit apartment building, with an adjoining publicly accessible pedestrian plaza. CIM acquired the site with its joint venture partner, Strada Investment Group.
CIM and Strada bring a depth of experience in developing and operating residential and mixed-use commercial real estate to the project, and will commence construction immediately. The development of 1100 Clay is considered an integral piece of the evolving downtown fabric that will enhance the neighborhood with the introduction of new residences. Additionally, with approximately 4,000 square feet of street level retail and the adjacent landscaped plaza fronting 12th Street as a part of the project, the development provides pedestrian connectivity, which will create a more vibrant street-level experience.
1100 Clay is immediately adjacent to the 12th Street BART Station and the City Center parking garage, and is also convenient to the area’s major regional transportation corridors including I-80, I-580 and I-880 connecting to San Francisco and Berkeley. It is walkable to downtown Oakland’s many office properties.
The apartments at 1100 Clay will offer modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes and fixtures and large windows for abundant light and to capture city views. Residents will benefit from an array of building amenities such as co-working and meeting spaces, fitness center, bike storage, lounge, and public plaza including integrated retail and restaurant-ready space. A highlight of the building will be a spacious outdoor rooftop deck, providing residents with a lounge and entertainment area with views across the Bay. The building is anticipated to be complete within two years.
CIM is an active owner and operator in Oakland and the greater Bay Area. The company owns properties located on 12-acres of the nearby Jack London Square, a bay front mixed-use business and entertainment destination.
In 2007 CIM acquired its first Oakland property, and in 2008 it acquired a 1.7 million-square-foot portfolio of Class A office properties in the Lake Merritt and City Center districts. Most recently the firm acquired Uptown Station, a redevelopment of a former department store to a 355,000 square-foot office building, with significant ground floor retail located in the Uptown district of downtown Oakland. Currently, CIM’s Oakland portfolio is comprised of approximately 3 million square feet that includes a variety of Class A commercial properties.
Source: CIM Group / #Apartments #Multifamily