April 4, 2016
San Francisco-based Carmel Partners is reportedly emerging as a leading candidate to acquire a nearly 1.40-acre site next to Oakland’s 12th Street BART station. The developer could build up to 730 residential units on the block-sized CBD parcel that’s currently the Downtown Merchants Parking Lot.
Industry sources say the property, located at 1314 Franklin St., is Downtown Oakland’s prime development site and could sell for more than $35 million. It is within the Lake Merritt Station Area Plan, which has become increasingly attractive for developers because of its streamlined approval process for projects that conform to the city’s mixed-use development vision.
CBRE’s Kathy Kelleher, Matt Kroger, Keith Manson and Bill Cumbelich are marketing the property for sale.