The plans for a seven-story building to rise on southeast corner of Telegraph Avenue and 26th Street in Oakland’s KoreaTown, with 97 condos over nearly 9,000 square feet of retail space and a garage for 116 cars, were originally approved in January of 2006.
Waylaid by the Great Recession and a general inability to attract financing, the old 2538 Telegraph Avenue building on the site, which Tower Records once occupied, has yet to be razed. And while entitlements for the development would have normally expired long ago, a number of administrative extensions were extended by the City in order to keep the approvals and permits for the project alive.
With the last administrative extension slated to expire at the end of this year, and Oakland’s City Council not expected to extend another, the owners of the property are now asking Oakland’s Planning Commission for another two-year extension to break ground.
According to the San Francisco-based property owners, they are “close to finalizing a deal that will allow [them] to finally develop this project,” but they need more time. We’ll note the owners also have the property on the market as a fully-approved project for $6 million, a price which would drop if the entitlements were lost.
Oakland’s Bureau of Planning is recommending the extension be granted and the hearing is to be held this Wednesday, October 21.