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 and Strada Investment Group, through a joint venture, have 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 1100 Clay development also will include 4,000 square feet of ground-floor retail and a public plaza.
“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, the development venture partners, stated in a prepared release.
CIM is an active developer in the area. The company owns properties in Oakland’s scenic Jack London Square and in 2017, purchased the site of the old Sears Department Building that CIM intends to transform into a 355,000-square-foot mixed-use office and retail complex known as Uptown Station.
Construction on the new residential tower on Clay Street is expected to begin shortly. The apartment high rise should be complete within two years.
“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 12th Street BART station. It would front on Clay Street between 11th and 12th streets.
Among the amenities: Residents would have access to co-working and meeting spaces, a fitness center, bike storage, lounge and public plaza, including integrated retail and restaurant spaces.
“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.
Downtown Oakland will get big apartment complex after property purchase