By Alex Girda, Associate Editor
The latest transit-related development in the San Francisco Bay Area is getting on track. The Bay Area Rapid Transit District board of directors is negotiating an agreement with the Oakland Economic Development Corp. to develop a $33 million residential and retail project near the Oakland Coliseum BART station, the San Francisco Business Times reports. The Coliseum project is part of a decade-old BART initiative aimed at developing a transit village which would offer 1 million square feet of commercial space, 880 residential units and 20,000 square feet of retail space at full buildout.
Located at the corner of Snell St. and 71st Ave., the 1.3-acre site is slated for a 100-unit residential building plus 3,000 square feet of retail space. OEDC, a non-profit organization that is serving as master developer, will collaborate on the project with UrbanCore, a newly formed company.
Construction on the $33 million project could start by the first quarter of 2013. Designed by Pyatok Architects, the residential structure will have market-rate units that will feature one- and two-bedroom layouts. Residents whose household income is 120 percent of the area’s median income will be eligible to apply for the units, the Business Times points out.
Word of the negotiations among BART, OEDC and Urban Core came soon after selection of a development team for a housing project at Blocks 6 and 7 near the site of the former Transbay Terminal.