A new squad of affordable studio apartments is set to rise in Oakland's Longfellow neighborhood, with Riaz Capital and Alameda County locking in $30 million for the cause. The development at 820 West MacArthur Boulevard is ready to start to construct a five-story complex packed with essential amenities, including a fitness center and a rooftop deck.
According to a press release by Riaz Capital, financing for the structure, primed to house 166 units, flowed through the collaboration of Riaz Capital, Alameda County, and San Jose's Bridge Bank. The project's proximity to the MacArthur BART station is a major score for the community. The corner parcel, ready for a new lease on life, was previously prepped for demolition before taking this significant step toward easing the area's housing squeeze.
Benchmarked as a haven for commuters with an impressive 87 walk score, the development is also a beacon of environmental consciousness—expect bike storage among the perks for the eco-friendly residents. "Bridge Bank is committed to working with Bay Area developers to build the affordable housing our communities need," said Senior Managing Director of Construction and Commercial Real Estate Lending at Bridge Bank, Kimberly Rysyk.
Meanwhile, Riaz Taplin, Founder & CEO of Riaz Capital, credits the California State Density Bonus law and Oakland's efficiency unit ordinance for their ability to nearly triple the project's original unit count. "820 West MacArthur proves that coherent housing policy and true public-private partnerships can have a huge impact," Taplin stated. Alameda County flexed its financial muscle, backing the loan at Bridge Bank by parking $30 million of its cash reserves there, a movement aiming to give back to the local economy and stir up more developments like this one.
The thrust into groundbreaking is slated for spring 2024, with Anchored by Levy Design Partners as the project architect. The affordable housing piece is shaping to be both stylish and attainable. From efficiency-centric studio layouts to common spaces designed to foster connection and productivity, the blueprint for 820 West MacArthur is a housing solution and an investment in Oakland's future. "We believe that this project will not only address the critical need for affordable housing in our community but also contribute to the revitalization and enrichment of the local area," Taplin told SF YIMBY.
