Oakland’s City Council has approved the sale of the East Lake development site at the corner of East 12th Street and 2nd Avenue which overlooks Lake Merritt and its estuary, clearing the way for a controversial 23-story building with 298 apartments to rise.
UrbanCore will pay the city $5.1 million for the property as originally agreed, and will also pay a newly negotiated $8 million into the city’s affordable housing fund, but will not include any below market rate apartments within the development. Rents at the Lake Merritt Boulevard Apartments project are currently projected to average $3,000 per month.
The development, which will rise across the estuary from Oakland’s shuttered Convention Center which is slated to be redeveloped as well, 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 building site.
Neighborhood opposition fears that the development 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.