July 17, 2015 Comments Off on Oakland Residential Tower Potentially Axed Views: 499 Bay Area, California News

Oakland Residential Tower Potentially Axed

A proposed residential tower near Lake Merritt in Oakland might not get developed.
The City of Oakland has renewed construction proposals on the site, meaning that other projects could be on the table.

The city was previously in exclusive negotiations with UrbanCore and United Dominion Realty, both of which wanted to develop a market-rate multifamily facility, numbering 298 units, on the site.

The land is apparently valued at $5.1 million and is zoned for 364 units with a maximum height of 275 feet.

Community groups have protested against the UrbanCore development because there is a perception that there is a lack of affordable housing in the region.

Read More at San Francisco Business Times

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