Oakland’s planning commission approved Carmel Partners' large 40-story multifamily development on Wednesday. The 634-unit building at 1314 Franklin St. would become the city’s tallest housing development, KTVU reports.
The 400-foot-tall project includes more than 16,500 SF of ground-floor retail. Carmel Partners plans to provide 27 to 54 units for low-income families. The $200M project would replace an existing parking garage. The developer will need a waiver for the current 275-foot height limit.
The developer previously raised more than $1B to help fund this project.
