Ellis Partners could turn a former American National Red Cross building in Oakland into housing for senior citizens.
On Thursday, the San Francisco-based real estate investor and developer filed an application with the city of Oakland to build a seven-story, 197-unit facility at 6230 Claremont Avenue, the San Francisco Business Times reported. The firm said senior housing would be the most financially feasible development option at the site.
The developer initially considered market-rate housing at the site, but pivoted to senior living because it is more financially feasible to build in the current market conditions, Patrick Flynn, senior vice president at Ellis Partners, told the Business Times.
“Senior housing is feasible in a market where things are tight,” Flynn said. “The financing of it is better, and then the income side is better.”
The new senior living facility would include amenities like a theater, fitness center, gaming area, open-air central courtyard and an outdoor terrace, according to the Business Times. To bring the vision to life, Ellis Partners is teaming up with Spirit Living Group, a San Anselmo-based company that develops, owns and operates senior housing communities across the Bay Area.
The American National Red Cross has owned the site since 1999 and used it as a blood donation center before shutting it in 2023 and listing it for sale. Ellis Partners put a bid in to buy the property at the time and lost to another buyer, though that sale ended up falling through, leading Red Cross to reach out to Ellis Partners for help redeveloping the site.
Ellis Partners owns various office and multifamily properties across the Bay Area. Last August, the firm partnered with Flynn Properties to acquire the 631 Howard Street office building in San Francisco for $36.4 million. In February, Ellis acquired a technology park in Sunnyvale for $15.5 million.
Meanwhile, The Point at Rockridge, another senior living facility with 148 assisted-living and memory-care units, is on the market after going up for sale last month. Angelo Gordon and Company and Auctus Capital Partners bought the property in 2018 for $61.4 million.
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