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Boston Properties plans to break ground on its first West Coast residential project in May. San Francisco’s largest office landlord plans to build a 402-unit, 260-foot, 25-story apartment building near Oakland’s MacArthur BART station, the San Francisco Business Times reports.
The building, MacArthur Station Residences, will become the tallest tower in North Oakland, where it will join Hines, which is building a 385-unit rental project nearby.
The tower, designed by Solomon Cordwell Buenz, will cost $265M to build, and the developer is targeting a 6% return for this project. The land is owned by McGrath Properties, which is leasing the ground to Boston Properties with the option to acquire the land once the project is built.
Boston Properties owns 6M SF of office in the Bay Area, but has been partaking in more residential projects lately, including a 400-unit project in Virginia and a mixed-use hotel and residential project in Boston.
The MacArthur project will have 45 affordable units and 13K SF of retail that could include a boutique grocery store, restaurants and coffee shops. The development will have 230 parking spots.
Build Group is the general contractor.
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