May 18, 2016
Portland, OR-based Gerding Edlen filed for a building permit to start construction on a $100-million residential tower in the East Bay. The developer plans to break ground this year on a 206-unit project, which would be one of the first high-rises to be built in downtown Oakland in eight years.
Gerding Edlen acquired the 24,438-square-foot parcel at 1700 Webster St. from the American Cancer Society in March for $5.1 million. The developer has secured financing for a 20-story project designed by Perkins + Will, and expects the build to take up to 24 months.
In addition to securing a building permit, Gerding Edlen must obtain a demolition permit for an existing building on the site. The project won’t be subject to new development impact fees slated to take affect in September, and doesn’t include an affordable housing component.