Two projects have been proposed for a lot in downtown Oakland, less than a mile from where three office towers that were approved by the city haven’t broken ground after two years.
San Francisco’s Tidewater Capital submitted two different proposals for a lot at 1431 Franklin Street to Oakland’s Design Review Committee, the San Francisco Business Times reported. The committee will choose between a 27-story office building and a 36-story residential high-rise.
Tidewater initially sought to build a residential development at the site. About two years later, it submitted two applications for development permits for both office and residential projects.
The proposed 36-story residential development would be 393 feet high and yield about 350 units across more than 375,000 square feet. About 10 percent of the residential units would be reserved for those who earn between 30 and 50 percent of the area’s median income. If the office proposal is selected, it would be among Oakland’s tallest buildings at 425 feet and have 420,000 square feet of Class A office space.
Each proposal includes above-grade parking. The residential plan includes 194 parking spaces spread across five stories and the office one calls for 93 parking spaces on three floors.
Tidewater bought the property, a parking lot, for $6 million in November 2019. The site is zoned for both residential and office use.
The lot is less than a mile from the three stalled buildings. Telegraph Tower on Valley Street, Eastline on Telegraph Avenue and Oakland Tower on Thomas L. Berkley Way are set to bring more than 3.3 million square feet of office space to the city.
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