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Builder of Oakland's Fox Theater Once Imprisoned For 'White Slavery'
One of the biggest gambles (or corrupt city investments, depending on how you see it) in Oakland Redevelopment history, the 665-unit mixed-use development known as the Uptown Project, remains only 37% occupied more than a year after opening, according to recent management reports obtained by the East Bay Express. Arguably 25 of that 37% are occupied by low-income tenants as part of the city-mandated group of units set aside as affordable units.
For those who are unfamiliar, "Uptown" is a section of downtown Oakland smack between the 12th and 19th Street BART stations, adjacent to the recently reopened Fox Theatre. Smaller units at the Uptown are said to be going for $725/month, and the developer's website is currently advertising two-month rent concessions (meaning you get two months rent free as part of signing a lease, thereby bringing your actual annual rent down 15%).
Early critics of the project pointed to the enormous subsidy given to it from Oakland Redevelopment Agency funds ($53.4 million), despite the fact that none of the other developments in ex-mayor Jerry Brown's 10K initiative received any subsidy. Granted, the majority of those developments were condominiums in and around Jack London Square, some of which have had to convert to rentals as the economy turned. Rising incidents of street crimes the last two years and Oakland's recent spate of horrible PR also aren't helping the place fill up.
The developer, Forest City Developers, who are also responsible for the Westfield Centre in San Francisco, were significant contributors to Jerry Brown's campaign to become CA Attorney General, so you do the math.
Our recommendation: if you're in the market for an apartment and aren't scared of downtown Oakland, you may want to check this place out in a few months. Rents should hit their floor pretty soon, and if you're there when the developer decides to condo-convert in an act of desperation, you might just get a deal you can't refuse and in 5 to 10 years the neighborhood might be cool and vaguely safe.
Or you can just sit back and chuckle at the folly of our elected officials and the misguided use of property tax dollars.
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Yeah I walked past these the other day. They're really nice. The location is pretty central. I walked by these apartments around 11pm, and I didn't feel too unsafe.
Most of the new high rises in downtown SF don't appear to be doing much better. Then again, it's different if you inflate your residency numbers and refuse to drop the prices.
Well hipsters are going to need somewhere to go when the market recovers and rents go through the roof. Plus Art Murmur is really cool.
Hipsters are already all over Oakland. Oakland is to SF, as Brooklyn is to NYC.
Agreed. Mama Buzz is tragically hip.
ruby room is the hippest spot i avoid.
Ain't that the truth. Oakland makes the Mission look like El Sobrante.
the REALLY trendy hipsters are in Modesto now. Oakland was so last year.
That place would be like living in a ghost town. What would you do with the rest of downtown Oakland locks the doors and goes home at 6pm?
"if you're in the market for an apartment and aren't scared of downtown Oakland... In five to ten years the neighborhood might be cool and vaguely safe."
Seriously I live in the area and I don't feel like I'm in danger at all. Most of SF feels MUCH shadier than the uptown area of Oakland. If you were to compare the crime statistics for just that neighborhood of Oakland with the crime statistics of supposedly preferable places in San Francisco, I'd be willing to bet that there would not be a significant difference, and if there was, it would be in Oakland's favor.
On second thought, to those that are scared of downtown Oakland, I don't want you there anyway. Keep your pretentious asses outta my hood.
And for any Oakland A's fans out there, let's not forget that this was one of the proposed spots for a new A's stadium. Thank you, Mr. Brown for killing that idea.
I'm thinking a stadium plus the Fox would do for "Uptown" what 'The Phone' was done for whatever they're calling that neighborhood this week.
Toodles!
37% occupied more than a year after opening, according to recent management reports obtained by the East Bay Express. Arguably 25 of that 37% are occupied by low-income tenants
Arguably indeed. I'm certainly having reading comprehension problems today, but 25 what? Percent, of the total or of the 37%? Units? People?