JV Plans To Build Mixed-Use Housing Development In Oakland
The Martin Group and a Brookfield-sponsored private real estate fund have partnered to bring additional housing to Downtown Oakland. The JV will develop a mixed-use project with 333 residential units and about 24K SF of retail. Station on 12th will encompass an entire city block bound by 11th, 12th, Webster and Harrison streets.
Brookfield’s investment in Station on 12th marks its entrance into the Oakland submarket.
The Martin Group also is working on a project at 3093 Broadway in Oakland. In total, the developer will build 756 housing units, according to The Martin Group Chairman and CEO David Martin.
In conjunction with Brookfield and The Martin Group’s joint purchase of the full-block development site, the East Bay Asian Local Development Corp. will construct about 60 units of affordable housing at 285 12th St., a neighboring parcel that was part of the acquisition slated for redevelopment.
This latest housing development is part of a plethora of projects that will add hundreds of units to downtown. Carmel Partners has begun initial work toward building the city’s tallest residential building that will have over 600 units. Pinnacle Red Group proposed to build the city’s largest tower, which will include 185 housing units. Gerling Edlen and Nautilus Group also are working on separate projects nearby.
Since 2010, The Martin Group has invested in over 4,500 apartments, including over 3,000 units throughout California, including projects in San Diego, Orange County, Los Angeles, San Jose, Menlo Park, Mountain View, Foster City, San Francisco, Berkeley and Oakland. Prior Bay Area projects include EmeryBay in Emeryville, Downtown Pleasant Hill, 1000 Van Ness in San Francisco, The Crossings in San Bruno and Hamilton Field in Novato.
During the past year, Brookfield acquired One Post commercial office tower in San Francisco’s Financial District and completed construction of its LSeven rental apartment building in SoMa. Brookfield also owns 685 Market, a historic 10-story office building in downtown San Francisco, and Marina Village, an office complex in Alameda.
CORRECTION, NOV. 29, 8:30 A.M. PT: A previous version of this story did not have Pinnacle Red Group identified properly. The story has been updated.
