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June 15, 2024
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Cityview Raises $100 Mil in Opportunity Zone Capital for Oakland Waterfront Project


Cityview has raised nearly $100 mil in opportunity zone capital for its Oakland Waterfront project, a 378-unit multifamily development boasting sweeping waterfront views from over 80% of the units and state-of-the-art amenities. Located in a qualified opportunity zone, the project is part of Brooklyn Basin, a 65-acre master-planned community on the Oakland Estuary approved for 3,100 units including affordable-rate, market-rate, and active senior housing, 32 acres of parks, restored wetlands, a new marina, and 200k sf of retail. Oakland Waterfront is expected to complete in 2023.

The eight-story community will feature a mix of studios and one-, two- and three-bedroom apartments with over 80% of the units overlooking the waterfront. The community will also offer 331 parking spaces for residents and their guests. The tenant for the 1.7k sf retail portion of the project will be carefully curated to fit the lifestyle of residents. The construction of Oakland Waterfront is expected to commence in Q2 2021 and generate upwards of 2,000 jobs for the community.

“Oakland Waterfront is located just under two miles from downtown Oakland, one mile from Lake Merritt, and adjacent to Jack London Square, making this an ideal location for those who enjoy premier suburban living adjacent to a major job core and all the benefits of an urban environment,” said Sean Burton, CEO of Cityview. “Located in a market that has historically experienced strong growth in population, employment, income and rent, this opportunity zone project will bring much-needed housing to this rapidly expanding, vibrant center of the Bay Area.”

Oakland Waterfront is designed to complement the Brooklyn Basin master-planned community. Residents will be able to take full advantage of its myriad public spaces including oceanfront parks, a promenade, a marina, event space venue with live concerts and art exhibits, and its bountiful retail offering with grocers, local merchant kiosks, destination restaurants, watersport rentals, and more. Residents will also have access to the Brooklyn Basin private transit shuttle service which connects to the water ferry in Jack London Square as well as BART stations in Lake Merritt and downtown Oakland in under 10 minutes. The property is also minutes from the 880-freeway providing easy access to San Jose.

Oakland Waterfront is Cityview’s third opportunity zone project with the development and investment firm currently under construction on Adams & Grand, a $125 mil mixed-use opportunity zone project located in a fast-growing area of Los Angeles near the University of Southern California. Adams & Grand broke ground in December 2020 and is expected to complete by early 2023. Cityview also previously developed Mira, a 174-unit project located in a qualified opportunity zone in Warner Center, which Cityview sold pre-temporary certificate of occupancy to an opportunity zone buyer.

Cityview is partnering with general contractors James E. Roberts Obayashi and Webcor, architecture firm AC Martin and interior design firm Nadia Geller Designs on Oakland Waterfront.

In addition to Oakland Waterfront and Adams & Grand, Cityview is developing Liv at Pico, a 123-unit mixed-use community in Mid-City Los Angeles that recently broke ground and Belle on Bev, a 243-unit multifamily community in Historic Filipinotown Los Angeles that is expected to break ground next month.

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