CIM Group Introduces Two Proposals for 2 Kaiser Plaza Project in Oakland, One for 1.1MM SQFT

CIM Group, 2 Kaiser Plaza, Central District Urban Renewal Plan, Swig Company, Lake Merritt, City’s Green Building OrdinanceBy Meghan Hall

CIM Group, a Los Angeles-based real estate developer, has submitted a proposal to the City of Oakland for 2 Kaiser Plaza. At over 1,000,000 million square feet of space, the project would be one of the largest of its kind in the Oakland commercial real estate market. CIM Group has proposed two separate options for development.

The 1.02-acre project site for 2 Kaiser Plaza is located within the Oakland downtown core covered by the Central District Urban Renewal Plan. The development site is bounded by Swig Company’s Kaiser Center to the east, 22nd Street to the north, a high-rise commercial development to the west and 21st street to the south. The property is located near the 19th Street BART Station, in the heart of Oakland’s Uptown district. 2 Kaiser Plaza is also within close proximity to numerous Alameda-Contra Costa Transit (AC Transit) bus routes. Both the BART and AC Transit stops are less than 1/4-mile away from the project site.

The current project site is a flat, fenced surface parking lot that is surrounded by numerous other high-rise office and commercial buildings. Lake Merritt, Lake Merritt Park and the Lake Merritt Historic District are south-east of the project site.

CIM has submitted two proposals for the for 2 Kaiser Plaza development. In both options, the current parking lot would be removed and the buildings would be comprised of three main components: a ground floor that includes retail space and a lobby, podium-level parking and an office tower. The parking garage would also include storage space. The building footprint for both projects would occupy 39,400 square feet of space, or about 88 percent of the lot surface area.

Option A would include the development of a 697,150-square foot commercial building. The building would include 21 stories of mixed-use office and retail space as well as five levels of podium parking. 11,380 square feet of the building in this option is designated as retail space, while 457,100 square feet would be office space. Option A would also include 280 commercial parking spaces.

CIM Group, 2 Kaiser Plaza, Central District Urban Renewal Plan, Swig Company, Lake Merritt, City’s Green Building OrdinanceOption B would develop a 33-story 1,128,604-square foot mixed-use commercial building with 6 levels of podium parking. While Option B would include more parking with 352 commercial parking spaces, it would have a smaller retail footprint than Option A. Option B would have 850,055 square feet of office space, nearly 80 percent more than what is proposed in Option A.

Option A and Option B would include hardscape, storm drain and utility improvements as well as landscaping. The project is also aiming to incorporate energy efficient features and intends to be in compliance with the City’s Green Building Ordinance.

Both Option A and Option B of 2 Kaiser Plaza are in the preliminary planning stages and do not yet have a timeline for construction. However, for Option A it is estimated that construction would take approximately 18 months, with the first month slated for grading and excavation. Option B would take approximately 24 months to construct.

Both Options A and B for 2 Kaiser Plaza still require Major Design Review, encroachment permits and grading and building permits. Both projects also require a Conditional Use Permit for buildings over 200,000 square feet in size.

Neither the City of Oakland nor CIM Group returned a request for comment regarding the project.

West Coast Commercial Real Estate News