CIM Group Acquires Fully Entitled Parcel In Oakland, Gears Up For Residential Development
CIM Group has acquired a development parcel at 1100 Clay St. from the city of Oakland and plans to develop a residential project. The site is fully entitled for a 16-story, 288-unit apartment building with an adjoining publicly accessible pedestrian plaza. CIM acquired the site with its joint venture partner, Strada Investment Group. Construction will begin immediately and is expected to take two years.
The project will have 4K SF of street-level retail. The site is next to the 12th Street BART station and the City Center parking garage, close to nearby freeways and within walking distance of nearby offices and major employers.
The apartments will range from studios to three-bedroom units and have contemporary finishes and fixtures and large windows. Building amenities will include co-working and meeting spaces, a fitness center, bike storage, a lounge, a public plaza and a rooftop deck.
