Crews commenced construction on a new multi-story apartment complex near Lake Merritt in Oakland, promising an influx of affordable housing to the area.

Groundbreaking at Lake Merritt

Construction activities began on Tuesday for the multi-story apartment building near Lake Merritt, marking the start of a project set to introduce dozens of new affordable homes to Oakland. The development comprises two buildings, with immediate construction initiated on the first structure boasting 91 apartment units. Anticipated completion is slated for 2026.

Location and Scope

Situated at the intersection of E. 12th Street and 2nd Avenue, the new buildings will grace the Lake Merritt Eastlake neighborhoods, positioned on the western fringes of Lake Merritt near the historic Kaiser Convention Center.

Addressing Gentrification

Oakland City Council President, Nikki Fortunato-Bas, highlighted the significance of the project in combating gentrification, emphasizing its potential to retain Oakland residents and counteract displacement trends. She emphasized the demographic makeup of the area, noting its predominantly renter and people of color population.

Diverse Housing Options

The multi-story complex will offer a variety of apartment sizes, including studios, 1, 2, and 3-bedroom units. Notably, 23 of these apartments are earmarked for individuals transitioning from homelessness to permanent housing.

Qualification for Affordable Housing

Prospective tenants must meet specific income criteria to qualify for affordable housing. Eligibility hinges on household incomes falling within 20 to 60 percent of the Area Median Income for the corresponding zip code, equating to an income range of $30,000 to $95,000 annually per household.

Community Impact

The endeavor garnered support from various community stakeholders, with Liz Probst, Director of Real Estate Development at the East Bay Asian Local Development Corporation (EBALDC), expressing enthusiasm for the project’s potential impact. She underscored the importance of prioritizing housing initiatives amidst broader societal challenges, particularly homelessness.

Funding and Support

With a total cost of $102 million for the initial 91-unit building, financing for the project emanates from a coalition of sources. Contributions originate from state and local governments, alongside investments from the East Bay Asian Local Development Corporation, The Unity Council, and Jordan Real Estate Investments. Notably, Measure U funds, approved by Oakland taxpayers in 2022, bolster the project, marking the first utilization of these funds for an affordable housing initiative in Oakland.

Conclusion: Promoting Accessibility and Community Stability

The commencement of this affordable housing development signifies a proactive step towards addressing housing inequities and fostering community stability in Oakland. By providing diverse housing options and prioritizing affordability, this initiative endeavors to mitigate displacement pressures and promote inclusive urban development. As construction progresses, anticipation mounts for the realization of these objectives, underscoring the importance of collaborative efforts in tackling pressing societal challenges. For further updates on this project and other local developments, download The Local News App today.

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