Posts

Amazon reveals top 20 city candidates for its second HQ

Amazon has reviewed the proposals from potential candidate cities for its second North American headquarters location, and it found 20 of those the most promising.

The mayors of these top 20 cities will now fight to the death in a Battle Royale-style island arena… er wait, no actually they’ll just move on the next portion of Amazon’s submission phase, which includes further proposal evaluation and working directly with the candidate cities on getting more info.

Without further ado, here are the cities that made the cut – 20 out of a total of 238 original applicants.

Read more from TechCrunch

Downtown Oakland will get new office tower at historic site

New development suggests the East Bay’s largest city is poised for an influx of companies and other organizations.

In addition to building a new tower, the project will renovate the historic former headquarters for the Key System — a privately owned mass-transit system of rail lines and buses that operated through much of the East Bay from 1903 to 1960, when it was sold to the newly formed AC Transit system.

The new tower and old Key System building will be connected.

“Part of what we want to do is bring this historic treasure back to life,” said Melinda Ellis Evers, a managing principal with San Francisco-based Ellis Partners, a developer that has teamed up with Intercontinental Real Estate in a joint venture to build the tower.

The project will take close to two years to build and should be available for tenants to move in by the end of 2019.

Read more from East Bay Times

Developers in contract to buy Oakland tower site

Two developers are in contract to buy a tower site next to Oakland’s 19th Street BART station, potentially kickstarting construction.

Danville-based Behring Cos. has an option to buy the land at 1900 Broadway, according to an agreement filed in November. The deal hasn’t closed.

John Herr, executive vice president at Lincoln Property Co., said at a Bisnow event on Wednesday that the company is partnering with Behring on the project. It would be Lincon’s first project in Oakland, and the company would join a wave of new developers that are fueling the city’s biggest development boom in decades.

Read more from San Francisco Business Times

Rents in San Francisco and Oakland down at the End of 2017

Continuing the trend we first noticed forming at the end of 2016, asking rents for apartments in San Francisco and Oakland ended the year lower than at the start of 2017.

In fact, based on a comparison of nearly 2,400 listings, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments such as Avalon’s new complex in Dogpatch, is currently running around $4,000 a month, which is around 4 percent lower versus the same time last year and roughly 10 percent below a peak in the fourth quarter of 2015.

And the average asking rent for a one-bedroom apartment in San Francisco is currently running around $3,400 a month having crossed the $3,600 mark in 2015.

Read more from SocketSite

Here are the Bay Area’s 10 biggest building sales of 2017

San Francisco and the rest of the Bay Area saw another banner year for building sales in 2017. Giant foreign investors, pension funds and private equity firms bought towers in the heart of downtown San Francisco and more suburban areas for record prices.

The big deals weren’t just limited to tech offices and Oakland’s investment market remains hot.

Read more from San Francisco Business Times

Alameda County Planning To Sell Its Stake In Oakland Coliseum To Oakland

Alameda County wants out of its share of the Oakland Coliseum.

With three sports teams potentially leaving the site in the next few years, Oakland and the county are in talks for the city to buy out the county’s stake, the San Francisco Business Times reports. Full control of the site would make it easier for Oakland to redevelop the site.

The city and county still have bonds worth $200M to pay off that were used to finance the expansion of the stadium for the Oakland Raiders and renovate Oracle Arena. Those bonds could complicate negotiations. The county could pay off its portion of the debt, but there is no indication as to how the debt is structured and whether it can be paid off early.

Read more from Bisnow

What’s Up With Retail?

Rent, online shopping, regulations, and a higher minimum wage reduce the brick-and-mortar presence.

Omar Mughannam of Beauty Center faced a 30 percent rent increase at one location.

For local retailers, whose inventory costs are high and whose profits depend on foot traffic and fickle consumer demand, even small increases in rent can be difficult to bear. And when rent increases hit double digit percentages, owners are often forced to relocate to a more affordable space, consolidate multiple outlets, or close altogether.

Empty stores are everywhere, in Rockridge where Itsy Bitsy, Cotton Basics, Rockridge Home, and See Jane Run once seemed to thrive; in Elmwood where the corner of College and Ashby looks sparse without Jeremy’s, and in Montclair Village, too, where the local bike shop and Daisy’s are no more.

Oakland Approves Tenant Relocation Assistance for Owner Move-Ins and Condo Conversions

The Oakland City Council last night approved new financial assistance for renters displaced by certain types of no-fault evictions.

Under the new rules, if a tenant is evicted by a landlord who is moving into the rental unit, or whose immediate family member is moving in, the landlord must pay the tenant an amount between $6,500 and $9,875, depending on the size of the rental unit. Similarly, if a landlord evicts a tenant in order to convert the apartment into a condominium, the payments also have to be made.

Read more from East Bay Express

Uber sells Uptown Station HQ to Oakland firm

Uber announced in August that it was putting Uptown Station—the new mixed-use development right downtown in the onetime Sears building on Broadway that only recently shed the white plastic cocoon that enshrouded it during rehab—up for sale without ever moving a single employee into its planned headquarters.

But it didn’t take long for an interested buyer to start making eyes at the circa 1929 Beaux-Arts building.

Back in October, the San Francisco Business Times reported that the Oakland-base investment firm CIM Group planned to buy the whole 356,000-square-foot building for $175 million.

As Tuesday morning, CIM announced the sale via press release. The announcement doesn’t include the sale price, and spokesperson Karen Diehl tells Curbed SF “CIM never discusses financial arrangements.”

Uber previous paid $123.5 million for the place, putting millions more into the rehab.

Read more from Curbed SF

Oakland City Council: Tenant Relocation Assistance Delayed, But Moratorium on Rent Control Loophole Passes

Extra assistance for renters who are displaced through no-fault evictions failed to pass a second reading at the Oakland City Council last night after Councilmember Annie Campbell Washington had the legislation pulled from the agenda’s consent portion of the calendar and scheduled for a future council meeting’s non-consent portion, where it will likely be debated and amended.

The tenant assistance bill, authored by Councilmember Rebecca Kaplan, would extend cash payments — between $6,500 and $9,875, depending on the size of the rental unit — to renters displaced through no-fault owner move-in evictions and condominium conversions. Renters with children, or those who are elderly, disabled, or low-income would be eligible for additional assistance.

Read more from East Bay Express