OAKLAND, Calif.--(BUSINESS WIRE)--CIM Group and its co-development partner, Strada Investment Group, announced today that it has completed the construction of Eleven Fifty Clay Street, a 16-story, 288-unit apartment building in downtown Oakland located between 11th and 12th Streets. CIM Group brought its long-standing development and operational expertise to the development of Eleven Fifty Clay Street, considered to be an integral piece of the evolving downtown fabric that will enrich the neighborhood with new residences, community-serving retail, and public spaces.
“CIM is helping to serve the needs for new housing with the completion of Eleven Fifty Clay Street, located in a transforming neighborhood near transportation,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “In Oakland, we are also nearing completion of an apartment community at Jack London Square, adding 333 residences to the mixed-use environment where residents can enjoy the restaurant and entertainment, and retail offerings as well as the open park space fronting San Francisco Bay. Together, CIM’s two projects will deliver more than 600 modern new residences to Oakland.”
Eleven Fifty Clay Street offers modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes. A key feature for residents will be a large rooftop deck offering expansive Bay and city views. The deck will provide ample open-air lounge areas with fire pits and a heated and partially-covered dining area with barbeques. The apartment community also provides residents with a fitness center, lobby coffee bar, conference rooms, co-working areas, and bicycle storage.
Eleven Fifty Clay Street also brings approximately 4,000 square feet of street level retail space featuring 20-foot ceilings and a large outdoor patio as well as an adjacent 17,000-square-foot public plaza fronting 12th Street. The retail and plaza will engage the public offering greater pedestrian connectivity and experiences including the plaza’s half-basketball court and locally-sourced, specialty retail stores and a repurposed shipping container containing a full kitchen set within the lushly landscaped, park setting.
The property has a central location in a walkable neighborhood near many Oakland office buildings as well as transportation. Eleven Fifty Clay Street is immediately adjacent to the 12th Street BART Station and is also convenient to the area’s major regional transportation corridors including I-880 and I-80 connecting to San Francisco and Berkeley, and I-580 to communities of the East Bay.
CIM has been involved in the Greater Bay area since 2001, with CIM’s first Oakland acquisition taking place in 2007. In the Uptown Oakland district, CIM recently completed the construction of Uptown Station, a redevelopment of a former department store into a 355,000-square-foot office building leased by Square. CIM is also near construction completion of Channel House, an eight-story, 333-unit apartment building at 40 Harrison in Jack London Square where the company owns multiple properties across 12-acres of this Bayfront mixed-use business and entertainment destination.
Eleven Fifty Clay Street’s on-site leasing office is open. For more information please call (510) 379-9177 or visit www.elevenfiftyclay.com.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com
ABOUT STRADA INVESTMENT GROUP
Headquartered in San Francisco, Strada is a vertically integrated real estate investment company devoted to Bay Area real estate investment, development, and advisory services. Since its founding in 2010, Strada has managed more than $1 billion of real estate assets with top-tier institutional capital partners, and currently has more than 2 million square feet in the development pipeline. For more information, Strada’s website is www.stradasf.com