The plans for an upscale 23-story apartment building to rise on a city-owned parcel overlooking Lake Merritt were approved by Oakland’s Planning Commission yesterday, helping clear the way for the site at the corner of East 12th Street and 2nd Avenue to be sold with a price tag that’s expected to total around $5 million.
As proposed by developer UrbanCore, and designed by AVRP Sudios with Pyatok Architects, the Lake Merritt Boulevard Apartments project, a 21-story tower over a two-story podium and underground garage, will include 298 units, ranging from studios to two-bedroom penthouse units, with rents projected to average $3,000 per month.
The development will include parking for 209 cars, a 2,000-square-foot café on the ground floor of the building, and landscaping improvements to the City-owned stormwater treatment basin (“park”) that’s adjacent to the development site.
And while the “future park” wouldn’t include any pathways and would function as more of a passive open green space, designs for pathways along the Lake Merritt Estuary have been drawn.
The development will not include an affordable housing component and opponents fear that it will lead to a rise in area rents and accelerate the gentrification of Oakland and the East Lake neighborhood.
Construction will take around two years to complete once the ground has been broken.