02/28/2017 | Press release | Distributed by Public on 02/28/2017 16:05
(OAKLAND, CA) - Hines, the international real estate firm, started construction today on MacArthur Commons, a new multifamily development located in Oakland's Temescal district. The development represents Hines' first for-rent residential project in the Oakland area.
A formal groundbreaking ceremony will be held later to commemorate the new multifamily project that will consist of three separate residential buildings, totaling 468,570 square feet. The 385 units will be comprised of seven loft units, 59 studios, 241 one-bedroom apartments and 78 two-bedroom apartments.
Designed by Ankrom Moisan Architects, MacArthur Commons will feature a fitness center, a clubroom, an outdoor pool and spa, a dog run, bike repair station and a pedestrian plaza - termed 'The Mews' - between the buildings. The development will also include approximately 20,000 square feet of ground-floor retail space.
MacArthur Commons is directly adjacent to the MacArthur BART station, the largest BART stop in the Bay Area. This allows residents unparalleled access to regional hubs, such as Oakland, San Francisco, Berkeley and Emeryville. The project is also in immediate proximity to major Bay Area thoroughfares, including Interstate 80 (Bay Bridge) and Interstate 580. Additionally, residents will be supported by a host of corporate shuttles and bus services to nearby amenities.
'Hines is pleased to be able to respond to the significant demand for new, high-quality rental housing that has recently emerged in the Oakland area, particularly in this excellent location in the Temescal district,' said Paul Paradis, Hines senior managing director. 'We are committed to delivering a superior product at MacArthur Commons, and we are excited about its unique location in the epicenter of the East Bay.'
General Contractor Build Group expects occupancy of the first units in October 2018, with final completion in March 2019.
In January 2011, Hines formed its Multifamily Division, with a focus to expand the firm's multifamily development activity throughout the U.S. by working with Hines' domestic regions on for-rent residential programs. Currently, the Multifamily Division has more than 10,900 units in projects in various stages of development. In addition to the Oakland area, the company has other multifamily projects that are located in several U.S. cities including: Atlanta, Boston, Chicago, Denver, Houston, Miami, Minneapolis, Phoenix, San Francisco and Toronto.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm's current property and asset management portfolio includes 483 properties, representing over 199 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.