Exclusive: Oakland's 'lone builder' unveils plans for three new market-rate projects
Madison Park Financial, developer of the only new market-rate apartment building finished in Oakland last year, is seeking approval for three new housing projects totaling 230 units, another sign of increased investment and development interest in Oakland. The projects, according to the developer and the planning department, are:
West Oakland's 2868 Hannah St., which would include 36 residential and 11 live-work units
Fruitvale's 2985 Ford St., near the BART station, which would include 53 residential units and 10 live-work units
West Oakland's 3250 Hollis St., where Madison Park wants to build 120 apartments near the Emeryville border.
The developer is betting that Oakland's cheaper rents and proximity to San Francisco will draw new residents, but also that the Oakland's own charm and character will be a major selling point. More successful market-rate projects would be a triumph for new Oakland mayor Libby Schaaf, who has been advocating for more development.
"There's such a great rent differential between San Francisco and Oakland, especially West Oakland, but with no traffic you're 15 minutes away," said John Protopappas, founder and CEO of Madison Park Financial, who has been called the "lone builder" of market-rate housing in Oakland. Madison Park Financial is planning to break ground on the new buildings by 2016 and open for occupancy by 2017, said Toby Levy, president of Levy Design Partners, the architect for all three projects.
San Francisco Business Times - 03/09/15 - Full Article
Renters snap up Lampwork Lofts — only new Oakland apartments this year
Lampwork Lofts revitalized a shuttered lightbulb factory in West Oakland into industrial chic apartments that are now on the market. Developer Madison Park Financial is putting the finishing touches on the building while prospective residents keep signing — close to half of the building’s 92 units are spoken for six weeks after leasing started.
The project, which started construction last year, is the only market-rate project to hit the market this year in Oakland, where demand for housing is booming.
San Francisco Business Times - 06/18/14 - Full Article