Tuesday, June 11, 2013

Oakland Port Closes Escrow on Waterfront Development

On June 10, the Port of Oakland and California State Lands Commission closed escrow on a 64-acre waterfront site the Port of Oakland intends to redevelop for non-maritime use. The port has been in contract to sell and lease the site, which is alternately known as the Brooklyn Basin and “Oak-to-Ninth” project, for over a decade.

“We are excited to close escrow on this unique waterfront property that has long been unfeasible for future maritime use for the port,” Oakland Board of Port Commissioners President Gilda Gonzales said. “This redevelopment will transform property that is no longer needed for maritime use into a wonderful new neighborhood for Oakland.”

The $1.5 billion development plan includes over 30 acres of parks and public open spaces located immediately adjacent to Oakland’s waterfront.

“We are thrilled to see the long-term vision for redevelopment coming to fruition. Oakland's Brooklyn Basin will become a beautiful new neighborhood and open space asset for the city and the region as this property is transformed into a new mixed-use residential community,” Port of Oakland Commercial Real Estate Director Pamela Kershaw said.

Oakland-based Signature Development Group and its investment partner Beijing-based Zarsion Holdings Group Co. will create the new neighborhood at the Oakland waterfront.

The area will include residential buildings that will create more than 3,000 homes and 200,000 square feet of retail space, along with two renovated recreational marinas, Signature President Mike Ghielmetti said.

The Brooklyn Basin project is expected to generate 10,000 short- and long-term jobs.