BART Selects East Bay Asian Local Development Corporation and Strada Investment Group for Lake Merritt BART Station Project
FOR IMMEDIATE RELEASE
September 13, 2018
Press Contact:
Jill Kunishima, jkunishima@ebaldc.org, 510-606-1823
The team led by the local nonprofit community development organization will advance neighborhood focused, transit-oriented development at the site
Oakland, CA — East Bay Asian Local Development Corporation (EBALDC) announced today that the Bay Area Rapid Transit (BART) Board has selected the team led by EBALDC and Strada Investment Group (Strada) to advance a transit-oriented development at the Lake Merritt BART Station. The Board today authorized staff to enter into an exclusive negotiating agreement with the joint venture formed by the two organizations that will reintegrate the site with the Oakland Chinatown neighborhood, increase transit ridership, create long-term value and programmatic density for BART, and deliver a wide range of community benefits.
EBALDC, a community development organization with over 40 years of experience building healthy, vibrant and safe neighborhoods in Oakland and the East Bay, has spent the past decade engaging deeply in community planning and development around this station in preparation for its eventual redevelopment.
“We are heartened that BART has prioritized a plan for the Lake Merritt Station that equitably benefits the long-time residents, cultural institutions, and businesses in Chinatown,” said Joshua Simon, EBALDC’s executive director. “We’ve worked closely with community partners and residents for the last 10 years to incorporate their vision into our proposal and are excited to move into this next phase of developing the historic Oakland neighborhood.”
Jesse Blout, a founding principal of Strada, said, “We are thrilled to partner with EBALDC, BART, and the community on this important TOD project. We feel our proposal balances the needs for robust public benefits and long-term value for BART, along with a feasible plan for financing the market-rate and affordable components.”
The EBALDC/Strada team brings an aligned vision, complementary strengths, and deep experience with public-private developments to the transformation of two city blocks surrounding the Lake Merritt Bart Station. The planned project will include two phases and four buildings that feature high-density mixed-income housing and office space, community space, ground-floor retail, restaurant, business incubator space and more. In total, 44% of the proposed 519 apartments will be affordable at below market rates. Of the proposed 500,000 plus square feet of office and retail space, 20% will be offered at below-market rates for community serving organizations and small businesses. In addition, the project will make significant contributions to on- and off-site public improvements, including a local food-oriented public Paseo. The project will also produce long-term financial returns for BART and increased transit ridership.
The EBALDC/Strada team’s proposal was selected by BART from four finalists in part due to the strength of the proposed depth and quantity of affordable housing units, adherence to the City’s zoning regulations, overall design concept and the collective experience of the team. BART also cited the robust community engagement and development built into the plan as well as EBALDC’s deep and long-standing knowledge of the community as important selection criteria.
“Of the 5,000 new apartments opening in Downtown Oakland in the next two years, less than 4% are affordable,” said Ener Chiu, EBALDC’s Associate Director of Real Estate Development. “Nearly 44% of the apartments in our proposal will be below market rate, addressing a critical need in the city. We are proud to work with Strada and with BART on this development to keep local residents, nonprofits, and small businesses here in Oakland, and to create the complete, inclusive, and healthy Chinatown neighborhood we all want.”
EBALDC and Strada convened a team of designers, artists, placemaking experts and professionals with deep roots in Oakland and the Bay Area to create a development that brings a unique design and sense of place while working in concert to activate the ground-level experiences and increase community engagement with existing neighborhood residents and visitors alike. The proposal also includes a best-in-class design and engineering team, led by Pyatok Architects, SCB Architects, and EinwillerKuehl landscape architects.
About East Bay Asian Local Development Corporation:
East Bay Asian Local Development Corporation is a nonprofit community development organization celebrating over 40 years of building healthy, vibrant and safe neighborhoods in Oakland and the greater East Bay. East Bay Asian Local Development Corporation develops and manages high quality affordable apartments and homes, and commercial spaces for local small businesses and community organizations, while fostering increased economic opportunities for low-income families and individuals. Since 1975, the organization has invested more than $250 million in assets that have had substantial physical and social impact in the community. Its Neighborhood and Economic Development programs serve over 5,000 low-income people annually, through housing, financial education and counseling, youth and senior programming, free tax preparation. For more information, visit www.ebaldc.org. On Twitter @EBALDC
About Strada Investment Group
Strada Investment Group is a vertically integrated real estate investment company focused on multifamily, office, and mixed-use projects in the 9-county Bay Area and Sacramento. Supported by a team of real estate professionals with expertise in development, construction, research, acquisitions and asset management, Strada has managed more than $1 billion of real estate assets with top-tier institutional capital partners and currently has more than 2 million square feet under development. Strada has extensive experience in structuring and developing public/private projects that require thoughtful community engagement and civic partnerships. For more information, visit www.stradasf.com