Built By Oakland
JOIN US & SUPPORT A HEALTHY MIXED-INCOME COMMUNITY
Urban Core and the East Bay Asian Local Development Corporation (EBALDC) proposed a mixed-income development to address the housing pressures in Oakland.
A new mixed-income, multi-family community is proposed to provide housing options for Oakland. A new mixed-income, multi-family community will offer much needed housing options for Oakland by providing a mix of market-rate and affordable homes. The approach of locating a mixed-income development at this site addresses key factors that build off the assets in the existing area and promote a healthy mixed-income neighborhood.
The development of the East 12th Street site will serve as a unique and sustainable opportunity to bring together the existing residents and new residents who are moving to Oakland to create a new, inclusive and thriving community.
Homes for the workforce
The housing is designed to be family- friendly for Oakland’s workforce,including family members employed as education workers, caregivers, security guards, home health aides, administrative workers, construction workers, artists, clergy and non-profit workers.
With the proposed LakeHouse development, the local partnership of two respected and accomplished real estate developers will:
Develop an inclusive, mixed-income, multi-family community, which will bring to the City a proven model for integrating market rate and affordable housing into a cohesive, healthy and thriving residential environment.
Deliver the City envisioned density of 360 residential units, which will maximize the site for a transit oriented development to help the City address pressures to provide both market rate and affordable housing for new and existing residents.
Designate 30% of the units as affordable and workforce housing, exceeding the City requested minimum of 25% affordable housing, which will broaden access to the social, educational and recreational amenities in the neighborhood and provide homes for families with incomes from 30% to 60% as well as 100% to 150% of AMI.
Donate over $7.0 million toward the cost of the affordable housing, which will provide the self-financing needed to ensure construction without additional subsidy from the City.
Dedicate $700,000 toward the cost of an array of Community Benefits for Council Districts 2 and 3, which will increase the financial capacity of the City to help residents continue to build a strong community.
Design, build and maintain a new city park at the front door of the development, which will increase the open space and recreational amenities around the Lake for residents, workers and visitors at no cost to the City.
Distribute a variety of amenities across the site for all residents, which will include a café and common area that are open to the public and available for community programming.
Disburse over $7.4 million in one-time development related fees and taxes and over $2.0 million in annual property taxes, which will provide the City of Oakland with significant new sources of revenue.
Dedicate 25% of all new hires as LBE/SBE for professional service and construction contracting and create over 240 construction jobs, which will provide employment for a wide range of local and area-wide residents.
For project updates and information visit our website: www.builtbyoakland.org
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