OAKLAND, Calif.–(BUSINESS WIRE)–CIM Group announced today that it has topped out its eight-story residential development, featuring 333 apartments and ground floor retail, at 40 Harrison Street at Jack London Square, a 12-acre entertainment and business destination on Oakland’s waterfront. The apartment development is bounded by Embarcadero West, Alice Street, and Harrison Street, and is also adjacent to the San Francisco Bay Trail. The building is anticipated to be completed in summer 2020.
CIM Group brings its long-standing development and operational expertise to enhance Jack London Square and also brings real estate uses which are underserved to the neighborhood as it has done in other communities across North America. The new residential development at 40 Harrison Street is located on one of three land parcels, which CIM acquired in March 2016, along with seven buildings in Jack London Square — three office buildings with ground and second floor retail; three retail buildings; and a parking structure with ground floor retail. 40 Harrison Street was used as surface parking prior to CIM commencing construction.
The development of 40 Harrison Street and ongoing leasing activities at Jack London Square advance CIM’s program to bring a complementary mix of uses and offerings that appeal to residents, visitors, and tenants. 40 Harrison Street residents will have the area’s many shopping, dining, entertainment, and recreation options at their doorstep.
The apartment building’s architectural design takes full advantage of its waterfront location with a glass façade providing sweeping bay views, balconies, and landscaped courtyards. The building will offer a host of on-site amenities including communal gathering spots, outdoor terraces and lounges, fitness center, and a bike storage and care facility, with residences configured as studio, one- two- and three-bedroom floor plans. It will also include 2,400 square feet of ground floor retail that will further enliven the pedestrian street experience.
CIM has been involved in the Greater Bay area since 2001, when it identified the community as possessing the attributes that fit its stringent criteria for qualified communities, which includes established and emerging urban areas with solid infrastructure and transportation networks. CIM’s first Oakland acquisition took place in 2007, and today, CIM is completing the construction of Uptown Station, a redevelopment of a former department store located in the Uptown district of downtown Oakland into a 355,000-square-foot office building leased by Square, and is also under construction at 1150 Clay Street, a 16-story, 288-unit apartment building.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.