OAKLAND — Downtown Oakland will get a big apartment complex now that two developers have bought a parcel where the residential tower will rise.
CIM Group has bought a development site at 1100 Clay from the city of Oakland, a deal that clears the way for CIM to build a 16-story 288-unit apartment complex.
“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,” CIM Group and Strada Investment Group, CIM’s partner in the development venture, stated in a prepared release.
The 1100 Clay development will also include 4,000 square feet of ground-floor retail.
“The apartments at 1100 Clay will offer modern residences ranging from studio to three-bedroom floor plans,” CIM and Strada stated.
The tower would be located near the 12 Street BART station. It fronts on Clay Street and is between 11th and 12th streets.
CIM and Strada expect to complete the development within two years. Construction is expected to begin this year.
“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,” Strada and CIM stated.
Source:: The Mercury News – Latest News