By Jon Peterson
Oakland-based developer oWow has submitted plans with the city of Oakland to develop a 111-unit live/work affordable apartment project in Oakland located at 2715 Adeline Street. The developer is hoping to start construction sometime in 2019. It would likely take 16 to 18 months to complete the project once it gets started.
“Over the next several months we plan to meet with the all interested parties for our development. This would include potential tenants, other residents in the general area of our project and city officials to have an open line of communication for what we are building in Oakland,” said Danny Haber, founder of oWow.
All of the units in the development will be affordable units with no subsidies. “We are able to do this as our units are designed with three or four bedrooms, so that we will have as many as four occupants paying rent instead of one renter. With our macro units, we target affordable rates for the neighborhoods that we build in. This typically is targeted 60 percent to 80 percent of the average median income with a range of options from 60 percent to 120 percent of average median income, “said Haber.
The project at 2715 Adeline will be a mixed-use development. It will have some first-floor spaces built for a range of work and commercial use. This will provide tax revenue for the neighborhood and some affordable options for local businesses. This neighborhood is home to growing Oakland businesses as well as the workshops of local artists and craftsmen, according to oWow.
The site of the project had been a sausage factor 27 years ago. Its now just an empty industrial building. oWow will be arranging construction financing and private capital for the equity part of the project. “Given how unique this project is, I would think attracting construction debt to the project will be tougher to arrange that getting private capital for the equity component,” added Haber.
oWow is an Oakland based company committed to building affordable net new housing that strengthens neighborhoods by revitalizing unoccupied buildings and vacant land, according to its web site. The company also announced in June of 2017 that it would be spending $40 million to build a 122-unit apartment project in Oakland located at 2400 Filbert Street. The development site of 1.6 acres is now going through the entitlement process. 2400 Filbert has been the home of an existing industrial building, as well. It has been vacant for some time just like the 2715 Adeline Street development. All of the units in the project will be market rate units. The plan for now calls or the project to have a mixture of three- and four-bedroom units.