OAKLAND, Calif.--(BUSINESS WIRE)--CIM Group announced today that it has topped out construction of 1150 Clay, a 16-story, 288-unit apartment building in downtown Oakland located between 11th and 12th Streets. The building is anticipated to be complete in Spring 2020.
CIM Group brings its long-standing development and operational expertise to the development of 1150 Clay, considered to be an integral piece of the evolving downtown fabric designed to enrich the neighborhood with new residences, community-serving retail, and public spaces.
“With 1150 Clay, CIM is helping to serve the needs for new housing in a transforming neighborhood, centrally located near transportation,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “Also in Oakland, CIM is under construction of apartments at Jack London Square, adding residences to the mixed-use environment where residents can enjoy the retail, restaurants, and entertainment offerings fronting San Francisco Bay. Together, CIM’s two developments will deliver approximately 600 new residences to Oakland next year.”
1150 Clay will offer modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes. A key feature for residents will be a large rooftop deck offering expansive Bay and city views. The deck will be a comfortable gathering place with ample lounge areas with fire pits and a heated and partially-covered dining area with barbeques. 1150 Clay will also provide residents with a fitness center, lobby coffee bar, conference rooms, shared working spaces, and bicycle storage.
1150 Clay will also bring approximately 4,000 square feet of street level retail space featuring 20-foot ceilings and a large outdoor patio as well as an adjacent 17,000-square-foot public plaza fronting 12th Street. The retail and plaza will engage the public offering greater pedestrian connectivity and experiences including the plaza’s half-basketball court and locally-sourced, specialty food and beverage retailers operating from shipping containers set within the lushly landscaped, park setting.
The property has a central location in a walkable neighborhood near many Oakland office buildings as well as transportation. 1150 Clay is immediately adjacent to the 12th Street BART Station and is also convenient to the area’s major regional transportation corridors including I-880 and I-80 connecting to San Francisco and Berkeley, and I-580 and State Route 24 to the East Bay.
CIM has been involved in the Greater Bay area since 2001, with CIM’s first Oakland acquisition taking place in 2007. Currently in the Uptown District of downtown Oakland, CIM is completing the construction of Uptown Station, a redevelopment of a former department store into a 355,000-square-foot office building leased by Square. CIM also recently topped out construction of an eight-story, 333-unit apartment building at 40 Harrison in Jack London Square where the company owns multiple properties across 12-acres of this Bayfront mixed-use business and entertainment destination.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
