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Oakland City Council voted this week to extend an exclusive negotiating agreement to UrbanCore and East Bay Asian Local Development Corp to buy and develop public land near Lake Merritt.
The developers plan a mixed-use high-rise tower with 360 units, of which 108 are below-market rate. They will have six months to finalize the agreement with the city, according to the San Francisco Business Times.
UrbanCore previously had proposed a market-rate tower, much to the dismay of housing activists in the community. At this week's city council meeting, protesters who wanted only below-market-rate projects on the site chanted, played instruments and chained themselves to railings.
UrbanCore's partnership with EBALDC brought affordable housing to the new proposal. The developers next need to get approval from the city's planning commission, hold public meetings and prepare a feasibility study, then the deal will head back to city council for a final vote. [SFBT]
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