(EDITOR’S NOTE: In its most recent meeting before the planning commission on June 8, the development team presented a new plan for the building, which reduced the amount of R&D space and added more access to the public. In total, the new proposal includes just one R&D building totaling 421,000 square feet. The new proposal also reduces the vehicle parking to 711 parking spaces. A new plaza and a 5,174 square-foot pavilion building with retail and bicycle parking is also proposed.)
Since 2008, the City of Emeryville has tried to reach a consensus on redevelopment plans for a Emeryville Public Market, a 14.5-acre retail space. One such project at the longstanding retail establishment has changed course several times, now proposing a more than 400,000 square feet of life science space.
In its most recent update, Canadian development company Oxford Properties is now proposing several R&D buildings on several parcels at the Marketplace after previously receiving support for a residential development. Last month, the development company met with the City of Emeryville and offered to pay $17 million in a development agreement for the newly proposed project, which has since been countered by the City with a $20 million agreement.
Located along Shellmound Street between Shellmound Way and 63rd Street, the new proposal from Oxford Properties – in conjunction with development partner City Center Realty – includes two life science buildings totaling 406,175 square feet as well as a 711-space parking garage.
The largest building proposed is an eight-level, 322,744 square-foot research and development building, which would be constructed next to a smaller 83,434 square-foot R&D building with 7,460 square feet of retail space.
Previously, the site received entitlements for 167 residential units, 150,000 square feet of office space and 15,700 square feet of retail space. Additionally, per a previous development agreement with the City, the project included 18 affordable housing units.
Proposed projects at the marketplace have been evolving over the past several years, with the recent proposal following Oxford Properties $119 million purchase of the site.
Since then, the residential project received approval from the City in 2019. It was later appealed by Wareham Development on the basis that the project did not comply with the City’s initial 2008 goals for the site. The appeal was later overturned and the project received full entitlements in 2020.
However, with the new project in mind, the developers would have to jump through additional hoops to finally see the project through. According to the City, it is estimated that the initially proposed 18 affordable units would cost just over $11 million.
However, the new proposal from Oxford comes with a $17 million offer, which includes the $1.9 million Affordable Housing Impact fee as well as an added $15 million payment to be made to the City’s Affordable Housing Fund. The counter from the City includes the initial $1.9 million Affordable Housing Impact fee as well as added payment to the affordable housing fund, making for a total $20 million fee.