A residential development with affordable housing just cleared the Oakland City Council.
The project, which calls for a five-story building with 57 residential units, will rise at 578 7th Street in downtown Oakland, San Francisco YIMBY reported. A vacant 6,000-square-foot building that currently occupies the lot and was the former home of La Borinqueña grocery and bakery will have to be demolished.
According to the project application, Plea Partners LLC owns the property. The developer is Riaz Capital and the design will be done by Stanley Saitowitz | Natoma Architects.
Of the 57 residential units in the new development, plans show that 16 will be reserved for deed-restricted affordable housing for “moderate-income households,” while the remaining 41 will be listed at market rates. Once complete, the building will yield a total of 32,250 square feet of residential space.
The development at 578 7th Street is part of Riaz’s second $100 million opportunity fund that is focused on residential infills throughout Oakland. Riaz is also in the process of rolling out a third opportunity fund to build 10 to 12 projects to be affordable for multifamily households that make up the Bay Area workforce.
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The building, which will rise 51 feet, will feature a facade of white brick and cement and windows framed in black aluminum. According to the planning application, the back of the property will have a smooth, white stucco finish where a future mural could one day come to life. Additionally, plans show that the developer intends to plant three water gum trees with gravel beds at the front of the property.
The development will be located around the corner from Jefferson Square Park and only eight minutes from the 12th Street BART station. Residents will also be able to walk to the San Francisco Bay Ferry in Jack London Square to access San Francisco, Vallejo and Alameda.
[SFYIMBY] — Victoria Pruitt