OAKLAND — A housing development with hundreds of homes, many of them affordable, is being eyed in downtown Oakland next to a busy freeway, plans on file with city officials show.
An estimated 272 homes — and as many as 300 — would be built at 430 Broadway in Oakland, according to a proposal by a development alliance that was filed with city planners.
The project would sprout on a property that’s bounded by Broadway, Fifth Street, Franklin Street and Fourth Street, the development plans show. The 1.4-acre development site is next to Interstate 880.
Related Cos. and East Bay Asian Local Development Corp. have teamed up to propose and build the project. The developers filed a preliminary application with the city on Oct. 21.
“The proposed project strives to develop between 250 and 300 homes,” the development plans state. “Development is spread across three buildings, serving families and seniors.”
Alameda County owns the property at present, real estate records show. A four-story county administrative building that’s vacant is located on the site, the development plans state.
The project at 430 Broadway would consist of 172 market-rate units and 100 units that would be restricted to low-income residents, according to the proposal.
The affordable units would be restricted to people making 50% to 80% of the area median income, the planning application states.
In July 2021, the U.S. Census Bureau estimated that Oakland’s median household income was $80,143. The per-capita income at that time was $46,407.
The developers envision the mixed-use project as a potentially vital enterprise for the Broadway corridor in downtown Oakland. The proposal, however, is very preliminary and could be adjusted after the builders obtain public input and comments from city officials.
“In addition to dwelling units, resident commons and retail spaces will be provided along with improvements to this important public way,” the development plans state.
The project also includes roughly 9,500 square feet of retail space on the ground floor.
The developers also are interested in building hundreds of homes on a site across the street at 401 Broadway.
“Bounded to the northwest by the Nimitz freeway, the project serves as an important gateway defining the Broadway (corridor) spine and linking the greater neighborhood to Jack London Square,” the developers stated in their proposal.
Source: www.mercurynews.com