Building Boom in Oakland

Jack London Sq, Oakland

There’s a building boom in Oakland with most of the new homes in apartment buildings in central neighborhoods including downtown, Uptown and Jack London Square. The developer CIM Group has announced the construction of 333 new apartments in Jack London Square.

The project will be be eight stories consisting of studios, one-, two, and three-bedroom apartments. Completion is expected by the end of 2020.

CIM is also building 288 units at 1100 Clay Street.

Oakland Adding Housing But Is it Enough?

Green Escrow | Real Estate News

According to the San Francisco Chronicle, the City of Oakland currently has 1,000 housing units under construction with more than 11,000 in the planning phase but is not on pace to reach it’s goal of 51,000 new unites by 2040 to accmomodate the projected growth in both jobs and population.

Planners at the Association of Bay Area Governments report that most of the new construction is centered around downtown, Uptown, West Oakland and the waterfront. ABAG reports that the City Council recently changed zoning near the Lake Merritt BART Station to bring in an additional 3,500 units.

The problem, in Oakland. San Francisco and elsewhere, is basically a lack of space, long waits for permits and difficult environmental regulations that often delay big projects and add to the costs. Moreover, residential developers must compete with commercial projects, which usually bring in more tax revenue for cities and often get faster approval.