The LA-based investment firm CIM Group—the same crew who took Uptown Station off of Uber’s hands last year—announced Monday that it had bought into a long-planned, 288-unit apartment development one block away from the 12 Street BART station in Oakland and plans to break ground ASAP.
San Francisco-based firm Strada Investment Group has been pushing to develop 1100 Clay for years, and took extra time out in 2017 to bump up its already-approved 262 units to the present 288, adding two more stories in the process.
Although the property is city-owned and presently serves as something of a de facto park, the city classifies it as a vacant lot and it’s been zoned for development for years. Previous essays have attempted to erect office space there.
Strada announced in 2017 that it had secured a partner to go in on construction, which turned out to be CIM. In a Monday press release, CIM announced that it plans to complete the 16-story building (which will include a 13,000 foot public plaza) within two years and will break ground ASAP.
The designs also include 4,000 square feet of retail. The apartments will vary in size from studios up to three-bedroom offerings. The purchase expands CIM’s downtown assets even further, sitting only a few blocks from both Uptown Station and CIM’s Jack London Square holdings.
Although it appears a done deal now, 1100 Clay has been a typically long time in the making, getting the thumbs up from the Oakland Planning Commission nearly three years ago. Oakland planners praised the design as “infill development on a currently vacant lot” that “would support pedestrian use” and “maximize housing opportunities.”
- CIM Group Acquires Oakland Property [BusinessWire]
- Uber Sells Uptown Station [Curbed SF]
- Downtown Oakland Development Nears [SF Business Times]
- Strada Portfolio