May 5, 2016
For more on the Bay Area’s CRE market, be sure to attend Connect San Francisco on May 12th at The Hibernia Bank.
Building permits for downtown Oakland’s first new high rise tower in eight years were filed by Lennar Multifamily. The 33-story residential project is located at 1640 Broadway, and is slated to include 254 apartment units with ground-floor retail and four levels of above-ground parking.
The developer needed to file residential permits prior to Sept. 1, before new impact fees kick in. The 370-foot tall tower is expected to open in late 2018, with rents expected toward the higher end of the market.
Solomon Cordwell Buenz designed the more than $120-million project. Lennar acquired the site from developer Joe Hernon. Cushman & Wakefield’s Todd Vitzthum handled the land transaction.