Oakland, A’s begin Coliseum ballpark negotiations

The Oakland A’s now have the blessing to study both the Coliseum and Howard Terminal in their quest to build a new ballpark in Oakland.

The Oakland City Council on Tuesday night approved an “exclusive negotiating agreement” with the A’s, allowing the two to begin talks about constructing a ballpark at the Coliseum, the MLB team’s home for 50 years.

In vote taken just before midnight, the council entered into an agreement to negotiate with the A’s over the next nine months, while President Dave Kaval studies if the 112-acre East Oakland site is the right fit. The city can extend the negotiations for an additional three months.

“This decision about a new privately-financed ballpark is a really important moment not only for the A’s but our community,” Kaval told council. “We look forward to working together not only this year but for many years to come.”

Last month, the A’s and the Port of Oakland agreed to study Howard Terminal, located near Jack London Square and the estuary. Kaval has called the study of two sites “parallel paths” to keep the team in Oakland.

Though an aging complex, the Coliseum has had some bites from developers lately. Walnut Creek developer Mark Hall approached the city to build a 15,000-18,000 seat soccer stadium for a United Soccer League franchise. The city said another person proposed to build a corporate campus at the Coliseum.

While Howard Terminal needs environmental review and has access issues, an environmental review for the Coliseum is already completed. It’s also favored for its proximity to BART, Interstate 880 and the Oakland International Airport.

 

 

Read more from East Bay Times

 

 

Shivu Srinivasan of NAI Northern California named a Top 10 NAI Global Top Producer

Bay Area multifamily investment property top producer ranks among NAI Global’s top sales leaders internationally

SAN FRANCISCO, CA – May 15, 2018 – NAI Global, a leading global commercial real estate brokerage firm, recently announced that Shivu Srinivasan, Senior Vice President, NAI Northern California was recognized in its annual recognition program as a top producer for the organization. The award honors individuals who are handling the highest volume of multi-market business within NAI. The awards will be presented at the 2018 NAI Global Convention in Austin, Texas this September.

“This award represents outstanding performance within the organization,” said Jay Olshonsky, President, NAI Global. “We are proud of Shivu Srinivasan’s success, and the dedication and commitment to service excellence he has shown. It underscores the power of NAI Global in building business and showcases the deep local roots and professionalism of our professionals.”

Shivu Srinivasan is a Vice President at NAI Northern California, specializing in multifamily investment properties and portfolios in the East Bay market.

In 2016, just his second year in brokerage, Shivu was ranked as NAI Northern California’s number one producing broker. With a total sales volume of $38 million, he was also ranked by CoStar as third in the East Bay market as well as third in number of total transactions at 14.

In 2017, just his third year in brokerage, Shivu was again ranked as NAI Northern California’s number one producing broker. With a total sales volume of ~$90 million, he was the number one producing non-institutional broker in Alameda County. His marquee sales of the year included an 88 unit transaction in Fremont for $26.5 million,  a 70 unit transaction he listed in Hayward for $13.2 million, and a high profile portfolio sale in Oakland’s Lake Merritt district, which included three buildings for $13 million.

“Shivu came to NAI Northern California a few years ago with a talented sales background and quickly transformed that into a successful commercial real estate sales machine within our organization,” remarks James Kilpatrick, President and Founder.

On Shivu’s contributions to propelling NAI Northern California forward, James remarks, “Within his first full year he was already in our top 10 agents and dialed his way to the Top Caller of the Year Award. Now Shivu heads up a powerhouse team of agents who dominate East Bay multifamily real estate sales.”

About NAI Northern California
NAI Northern California is a full service commercial real estate firm serving the Northern California Bay Area. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property.  Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.

To learn more, visit www.naiglobal.com and www.naiglobalnewslink.com

 

 

Oakland’s exclusive deal to sell city-owned land to charter school draws opposition

The City of Oakland is poised to sell a large plot of land it owns in the Fruitvale neighborhood to a private developer for the purpose of building a new charter school campus.

But the project — and the city’s years-long involvement in it — is suddenly drawing criticism from education and affordable housing activists who say it reflects Oakland’s lack of transparency when deciding how to use public property.

Under the proposed terms of the deal, the city will sell a 9,000-square-foot parcel on Derby Avenue between International Boulevard and E. 15th Street for $450,000. The buyer, an Idaho-based company called Pacific West Communities, Inc. plans to construct a new school campus on the site for the Aspire charter organization’s ERES Academy, a K-8th grade school. The campus was approved by the city planning commission last month.

ERES Academy’s staff say the new facility is critical because the building they’re currently in — located one mile away on Courtland Avenue and leased from a church — is too small.

“The physical nature of the classrooms is super-constrained,” Aspire’s Dean of Students Jesse Johnson told the city planning commission last month. “The children are bumping into each other. It’s crammed.”

ERES Academy currently has 217 students, according to state records, but Aspire, which operates 40 charter schools in California and Tennessee, hopes to grow. The proposed new school campus could accommodate more than 600 students.

City staff say the land deal will put the property, which used to be part of an auto dealership, back into productive use, and that new charter school is in the public’s interest. They also say the city is coming out financially ahead by selling the land.

 

Read more from East Bay Express

 

 

Housing high-rise breaks ground outside Oakland’s MacArthur BART station

The tallest building of BART’s biggest residential development broke ground Wednesday in Oakland, promising to house hundreds of families feet from the MacArthur station when it opens in 2020.

The 24-story, 402-unit high-rise dubbed Skylyne will be one of the largest apartment buildings in the city. It had been in the making for more than a decade, and developers in recent years sought to more than double the tower’s height as demand for housing surged.

The neighborhood’s zoning doesn’t allow buildings above 90 feet, but developers McGrath Properties and Boston Properties got an exemption for setting aside 45 units for affordable housing and making investments in local parks and community programs. At 260 feet tall, the building will include 13,000 square feet of commercial space on the ground floor.

“Unleash the mammoth!” developer Terry McGrath said at a groundbreaking ceremony.

 

Read more from SFGate

 

 

Builders, Developers Focus On Ways To Save Costs, Build More Housing Units In Oakland, Bay Area

With rising construction costs, a costly entitlement process and labor shortages, Bay Area developers are looking into new ways to build housing more cost-effectively.

Developers are utilizing density bonuses, adding more efficiencies into construction, exploring modular units and prefab and experimenting with new techniques to keep costs down and get more projects off the ground.

Even though there are 17,000 units at different planning stages in Oakland, many of these units rent in the $3K to $4K range, which is not affordable for a majority of people in the Bay Area, oWow founder Danny Haber said during Bisnow’s Alameda County Multifamily and Mixed-Use event in Oakland.

His company’s focus has been on creating macro-units with efficient design that lead to three- and four-bedroom units that are more cost-effective to build and end up being 50% more affordable than their market-rate counterparts.

“The biggest amenity today … is affordable housing and access to jobs and opportunities to work,” Haber said.

Read more from Bisnow

 

 

Development without gentrification? Oakland’s Fruitvale is the model, report says

Oakland’s Fruitvale transit village has been a boon to the surrounding community without gentrification

The cluster of shops, community service organizations and apartments at the Fruitvale BART station may not seem all that different from other commercial plazas, but to some economists and urban planners, it’s the grand prize of development — at least, for now.

Researchers from UCLA’s Latino Policy and Politics Initiative say the transit village has been a boon to the surrounding neighborhood without resulting in gentrification. As many low-income and working class residents across the state are forced to leave urban areas due to rising rents and home prices, the UCLA researchers said Oakland’s Fruitvale neighborhood has held onto its existing residents, along with its signature Mexican-American culture.

“It’s the holy grail of urban planning,” said Alexander Quinn, an economist with Hatch, who reviewed the study’s findings, “to say we improved the place and the people who live there are better off.”

But long-time residents, academics and elected officials question whether Oakland’s Mexican-American mecca can continue to withstand the pressure of the region’s booming economy.  And, to them, the tide may already be turning.

Read more from East Bay Times

 

 

San Francisco’s largest office landlord to break ground on $265 million Oakland tower

Boston Properties, San Francisco’s largest office landlord, will break ground on May 2 on a 402-unit apartment tower next to Oakland’s MacArthur BART station.

The 260-foot project at 532 39th St. will be the tallest building in North Oakland and the company’s first residential project on the West Coast.

The project in the Temescal district will be among a half-dozen Oakland towers to start construction in the last two years, an unprecedented real estate boom that’s drawing some of the country’s biggest developers to the city. Other developers include Lennar Multifamily Communities, Shorenstein Properties and Carmel Partners.

Read more from San Francisco Business Times

 

 

Wiener scales back bill that would allow taller housing near public transit

State Sen. Scott Wiener scales back a controversial housing proposal.

The proposed bill would strip local governments of their ability to block construction of taller and denser apartment and condominium buildings near public transit stops, and conceded the bill might not make it through the Legislature this year.

The San Francisco Democrat introduced amendments to his SB827 late Monday that would lower the maximum height of buildings that could go up as a result of the bill to five stories from eight. Also, the bill would take effect in 2021 instead of 2019.

Wiener made the amendments ahead of the bill’s first hearing April 17 in the Senate Transportation and Housing Committee. If passed, the bill will then head to the Senate Governance and Finance Committee.

“The bill is not guaranteed to survive either committee,” Wiener said Tuesday. “It’s a hard bill. Hopefully, we pass through these committees and live to fight another day, but if not, then we will try again next year. It’s very common in the Legislature that for hard bills, sometimes you have to try multiple times.”

The measure would override local height limits on proposed four- and five-story apartment and condo buildings in residential areas if they are within a half mile of major transit hubs, such as a BART or Caltrain station. It also would limit cities’ ability to block denser buildings within a quarter-mile of highly used bus and light-rail stops, but amendments eliminated new height requirements.

Read more from San Francisco Chronicle

 

 

Oakland parking garage next to City Hall could join development wave

More Oakland parking is being studied for new development.

A closed garage next to Oakland City hall could join the development wave that’s transformed over a thousand parking spaces into new buildings.

Oakland city staff are studying the demolition of the 335-space public parking structure at 1414 Clay St. and construction of either a new hotel or office building. The garage closed in December 2016 due to seismic safety concerns.

A city report recommends that Oakland seek an office project on the site because it’s more financially viable than a hotel. It also recommends requiring 51 parking spaces rather than 273 spaces, which would replace some of the previously used parking but could threaten the financial viability of a new project.

The stance is consistent with Oakland’s efforts to cut parking in new downtown projects and promote the use of public transit, “rather than continuing to subsidize the cost of private vehicle ownership and use,” according to the report.

Patrick Lane, the city’s manager of public/private development, said there isn’t a schedule for seeking developers for the site and it would likely happen after the city updates its public lands policy. The City Council may require higher fees and on-site affordable housing in new projects on public land, as activists push for more funding for low-income residents.

The city is also seeking development of two other public sites at 1911 Telegraph Ave. and 1800 San Pablo Ave, which could also be subject to the public lands policy.

Read more from San Francisco Business Times

 

 

San Francisco and Oakland Rents Inch up but Remain below Peak

Having ended last year lower than where they started, asking rents for apartments in San Francisco have inched up around one percent over the past two months, in part due to the typical seasonality in rents.

And in fact, based on a comparison of roughly 2,600 listings, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, is currently running around $4,100 a month, which is 0.9 percent lower versus the same time last year and 8.5 percent below its peak in the fourth quarter of 2015 with the average asking rent for a one-bedroom still running around $3,400 a month having ticked down from around $3,650.

At the same time, the weighted average asking rent for an apartment in Oakland is currently running around $2,450 a month which is 0.5 percent higher than at the same time last year but still 18 percent lower than a mid-2016 peak with the average asking rent for a one-bedroom still running around $2,100 a month, which remains around 40 percent cheaper than in San Francisco.

Read more from SocketSite