Washington-based SRM Development unveiled updated plans for a 191-unit senior housing building at the waterfront development project in Oakland called Brooklyn Bastin. The developer just completed a final review by the Oakland Design Review Committee.
The Brooklyn Basin Project will redevelop 65 acres on the Oakland waterfront into 3,100 residential units with an expected completion date in 2027. The project will also feature parks, shops and eateries.
The proposed senior housing project will be developed on Parcel E, at the far end of the peninsula by Brooklyn Basin Way and 8th Avenue. Initial plans called for a 131-unit building, but was increased after SRM reached an agreement to move to a different and larger parcel. The total size of the project will be 215,140 square feet with 131,250 square feet allocated for apartments, 27,780 square feet for amenities and 14,420 square feet for parking. The building will stand 81 feet high and will have seven stories.
The project will feature studio, one- and two-bedroom units. The development will also have 36 units set aside for memory-care tenants, which will be located on the second level. Parking will be included in the development with stackers for 122 cars and 33 bicycles. The estimated dates for groundbreaking and completion have not been determined yet.
Demand for newly built senior living facilities is high with most existing inventory nearly two decades old. According to a report by NCREIF, 60 percent of all senior living facilities nationally are 17 years or older, and are not designed to meet tenant needs. The baby boomer generation is aging as well, and the youngest will be 75 by 2040. According to the report, by 2034 the 65-plus population will outnumber children for the first time in U.S. history. By 2060, nearly one in every four people in the U.S. will be 65 years old or older.
The East Bay has been making moves to build more senior housing as the demand stays high. Developer Hall Equities Group will develop 254 units in Walnut Creek with all current units occupied. San Francisco also proposed transforming the Laguna Honda Hospital into 200 units of affordable housing for seniors.
Based in Spokane, Washington, SRM Development works on “high barrier urban projects” that can benefit from population and job growth, according to its website.
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