A prominent Oakland developer is going high and low on plans for a residential conversion at the 65-acre Brooklyn Basin on the city’s waterfront.
The idea behind the twin proposals from Michael Ghielmetti, founder of Signature Development, is to have a plan for however the market moves as a development takes shape, the San Francisco Business Times reported.
Ghielmetti hopes to gain approvals for a 23-story apartment building that would tower over the mostly mid-rise properties in the area — as well as an alternative plan for a seven-floor structure. The goal is to proceed with one or the other — not both — as part of a second phase of residential development on Parcel H of the site, the subject of city planners’ $2 billion vision of redevelopment.
Ghielmetti told the Business Times that his company could start on a first phase of 83 townhomes to be built for sale at Brooklyn Basin within six months of getting final approvals. The first phase would feature a building five stories high and include about 2,500 square feet of retail.
The dual options Ghielmetti hopes to get approved for a second phase are due for presentation to city planners next month and include 137 apartments and 3,600 square feet of retail space in the seven-story option; and 260 units with 3,500 square feet of retail space in the plan for a 23-story tower.
The Brooklyn Basin development plan goes back to 2009, when planners established a mostly mid-rise vision but included some “tower zones” to allow structures as high as 240 feet.
There are 12 parcels that make up Brooklyn Basin, and the city has signed off on an overall plan that outlines entitlements and design standards. Ghielmetti and Signature Development must obtain approvals for each parcel.
Last year, Signature revised its plans for parcel H, seeking about 300 units but not asking for a high-rise. The developer also in 2024 revised plans for another parcel.
Some 1,572 units of housing have been built at Brooklyn Basin across eight housing projects by various developers. Signature has not been among the developers to deliver any housing so far. No projects are currently under construction, Ghielmetti said.
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