Boston Properties, the same investment company that owns a majority of Salesforce Tower, will break ground on a 24-story concrete-clad high-rise with hundreds of new homes immediately next to the MacArthur BART on May 2.
Dubbed “MacArthur Station Residences,” the Oakland transit adjacent high-rise will be 324,000 square feet of mixed-use development at 529 East 39th Street bordered by Turquoise Street and Walter Miles Way.
The plan includes 402 units of housing, 45 deemed affordable housing, in this case meaning priced for those making 80 percent of the area median income—$56,300/year for a single person or $80,400/year for a family of four.
San Francisco Business Times, who frist reported groundbreaking, notes that when complete the new high-rise will be the tallest building in North Oakland.
Boston Properties has significant stakes in a number of prominent Bay Area structures on top of Salesforce Tower, including owning all four Embarcadero Center buildings. But right now the MacArthur project is its only foothold in Oakland.
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“The project is planned to be delivered by mid-year 2020,” according to Boston Properties.
When MacArthur Residences came before the Oakland Planning Commission in February of 2017, it drew some criticism for a perceived dearth of affordable housing offerings, but ultimately the immediate proximity to transit prompted the city to approve.
- MacArthur High-Rise To Break Ground [SF Business Times]
- MacArthur Station Residences [Boston Properties]
- Embarcadero Center [Boston Properties]
- Oakland Median Area Income [City of Oakland]
- Oakland Approves Mammoth Tower [East Bay Express]
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