Recently I had the distinct pleasure of attending a couple of events that highlighted the scale and scope of four major development projects taking place in Oakland, California.
One of the most interesting projects is one that I drive by every day along the Oakland estuary directly across from my home town, Alameda. It’s called Brooklyn Basin for obvious reasons, its similarity to Brooklyn. The $1.5 billion housing project sits on 65 acres, has over a mile of waterfront trails and is bounded by the Embarcadero, Oak Street and the estuary. It consists of 200,000 square feet of offices and store fronts, 3,100 housing units and 30 acres of parks and open space all on gorgeous waterfront. Wow, now this is something I can get excited about. Take a look at this spectacular video by Michael Sechman.
As a multi-family real estate broker, advisor and investor, it is imperative to understand all the large development projects in my market and how they will effect real estate owners. Brooklyn Basin has captured my imagination first and foremost because it is directly across the estuary from Alameda’s Encinal Yacht Club where my daughter takes the renowned Jr. Sailing program. And I can tell you the run down industrial waste land that currently sits at Clinton Basin is more than an eyesore, it is a downright visual and environmental hazard.
Another reason I love this project is because in the East Bay, where graffiti-adorned store fronts, crime-riddled streets and mattresses on the sidewalks are the word of the day, we really need more upscale amenities and high-end experiences. Brooklyn Basin is sure to deliver thank you Ghielmetti! Signature Development Corp. partnered with a Chinese firm and former Mayor Jerry Brown green lighted the project. I got to meet Mike Ghielmetti and hear him speak recently at the Oakland Structures event and I was impressed with his acumen. Here is an insightful video of Mike explaining his Oakland development project. I am extremely excited to watch this vision transform Oakland and the estuary.