Kidder Mathews (KM) as exclusive representative, is pleased to offer for sale the W12 Development Site at 12th Street and Webster, a rare, transitoriented development opportunity located in the heart of downtown Oakland, California. The 1.7 acre property is comprised of an entire city block of 60,000 square feet and an adjacent corner parcel of 15,000 square feet. This is one of the largest assembled development sites in downtown Oakland.
W12 is designated an “Opportunity Site” within the Lake Merritt Station Area Plan which is designed to promote development and expedite the entitlement process. The new zoning allows for maximum flexibility: Multi-Family, Office, Hotel, Student Housing, Senior Housing and Mixed-Use. W12 will have unsurpassed 360 degree views including the Golden Gate Bridge, Lake Merritt and beyond.
The W12 site is being offered for sale without an asking price. All investors should base their offer on the "as-is, where is" condition of the property.
The 75,000 square foot (1.7 acre) W12 Oakland Development Site consists of one city block of 60,000 square feet at 301 12th Street; plus ¼ city block of 15,000 square feet on the corner of 12th and Harrison Streets at 285 12th Street.
301 12th Street
301 12th Street is a level lot of approximately 60,000 sf with 300 lineal feet of frontage along the 11th and 12th Street sides and 200 lineal feet of frontage along the Webster and Harrison Street sides. The entire site is covered by several buildings one and two stories high and built during the period 1925- 1935.
285 12th Street
285 12th Street is a level asphalt paved yard of approximately 15,000 sf with a 100 lineal feet of frontage along Harrison Street and 150 lineal feet of frontage along 12th Street. A perimeter iron fence with several entrance gates are along the lot perimeter on the Harrison and 12th Street sides. A small 480 sf woodframe single storey building is situated at the middle of the southern property line. Mature trees line the full extent of the Harrison Street lot perimeter and partially on the 12th Street perimeter.
W12 is one of the few fully assembled major development sites (75,000 square feet or 1¼ city blocks) in the heart of downtown Oakland that will have unsurpassed 360 degree views. W12 will have one of the most generous density allotments in a Bay Area major city, with up to 680 residential units and an additional Floor Area Ratio of up to 12.0 or 900,000 square feet of commercial space.
W12 has been designated by the City of Oakland as one of the rare opportunity development sites in the Central Business District. The new and progressive zoning under the Lake Merritt Station Area Plan is designed to expedite the entitlement process. The new zoning allows for maximum flexibility: Multi-Family, Office, Hotel, Student Housing, Senior Housing and Mixed-use.
This transit-oriented site is only 2 blocks from Oakland’s 12th Street BART station, 5 blocks from the Lake Merritt BART station and has easy access to all major freeways.
The extraordinary employment growth in all sectors of the Bay Area marketplace, from technology to financial service companies, has created a critical lack of housing supply in Oakland. With only 196 apartment units under construction in Oakland, the W12 development site makes an excellent opportunity for a developer to enter the robust downtown Oakland residential market.
Over 45,000 employees within 10 blocks work for companies such as Sungevity, Pandora, Ask, Clorox, University of California and Kaiser. Downtown Oakland has been gaining in popularity as more and more companies are moving to the City from the surrounding areas. The current vacancy rate for Class A commercial office space is approximately 10%.
W12 has a level of energy that few Bay Area sites enjoy. It is located in the Center of Oakland’s downtown core, within the revitalized Lake Merritt Station Area Plan, next to Chinatown’s thriving markets, beautiful Lake Merritt and its extraordinary amenities, Old Oakland’s restaurants and farmer’s market, City Center’s retail and first Class office complex and blocks from Jack London Square and Uptown’s hippest hipster neighborhoods.
W12 is positioned to take full advantage of Oakland’s creative renaissance. A reverse commute from San Francisco to Oakland has developed to take advantage of over 100,000 square feet of friendly and award winning new eating and drinking venues and over 1 million square feet of retail spaces in the last year. In downtown Oakland in the past 3 years, over 200 new bars and restaurants have opened up featuring Michelin rated chefs.
W12 is positioned to take advantage of the student housing crisis in the Bay Area. There are over 100,000 students in San Francisco alone with limited dormitory beds. The Bay Area contains over 50 institutions of higher learning including University of California at Berkeley, Stanford University, University of California at San Francisco, as well as Laney College and California Art Academy.
W12’s location is ideally positioned to take advantage of Oakland’s well-established and growing healthcare and medical industry. Kaiser Permanente, Alta Bates Summit and Alameda County Medical Center’s Highland Hospital are all expanding with new construction and renovations in excess of $1.5 Billion.
The W12 Development Site is located in the center of Downtown Oakland within a short walking distance to all modes of public transportation. A future development would allow residents incomparable views of Lake Merritt, Mount Tamalpais and the San Francisco Bay.
The Lake Merritt Station Area Plan, accompanied by an Environmental Impact Report (EIR) is scheduled to be adopted and certified in November, 2014. Under the new and progressive Plan the zoning allows maximum flexibility in the use - Multi-Family, Mixed-Use, Office, Student Housing, Senior Housing and Hotel. The plan allows one of the most generous combinations of residential and mixed-use commercial densities in the Bay Area.
W12 has been designated by the City of Oakland as an “Opportunity” development site. The current zoning is undergoing a change within the Lake Merritt Station Area Plan which is designed to promote development and expedite the entitlement process. This Plan is being accompanied by an Environmental Impact Report (EIR) which analyzes and discloses any potential physical impacts attributed to the Station Area Plan. Adoption and certification of the new zoning and EIR is scheduled in November 2014.
The proposed Plan seeks to connect these and other assets in a livable, vibrant, pedestrian-oriented, safe, healthy, and economically diverse neighborhood. The proposed Plan has been developed through a partnership between the City of Oakland, San Francisco Bay Area Rapid Transit (BART), the Peralta Community College District, and a wide range of community members.
Key objectives of the Lake Merritt Station area plan include: