Boston Properties plans $265m mixed-use development in Oakland
Boston Properties has purchased a property located adjacent to the MacArthur BART station in the Temescal neighborhood of Oakland, Calif., with plans to develop a major mixed-use project.
The 24-story tower, known as MacArthur Station Residences, will include 402 apartment units, 10,000 square feet of ground-floor retail space and 260 parking spaces. Boston Properties estimates the project to be $265 million.
“Temescal is an increasingly desirable area of Oakland with limited quality rental housing and no high-rise development,” said Owen Thomas, Boston Properties CEO and director, in a conference call. “And the complex provides residents with immediate proximity to the MacArthur BART station with direct access to downtown San Francisco, downtown Oakland and Berkeley. Likely, renters will be commuters to downtown San Francisco given we expect our rents will be a 15 percent or greater discount to rents in the CBD, workers in the hospitals that are located proximat