OAKLAND, CA – CIM Group and its co-development partner, Strada Investment Group, announced that they have announced plans to build Eleven Fifty Clay Street, a 16-story, 288-unit home in downtown Oakland between 11th and 12th Streets, completed. The CIM Group brought its many years of development and operational expertise to the development of Eleven Fifty Clay Street, which is seen as an integral part of the developing inner city structure and which will enrich the neighborhood with new residential buildings, retail stores and public spaces.
"CIM is helping meet the need for new housing with the completion of Eleven Fifty Clay Street, located in a changing neighborhood close to traffic," said Avi Shemesh, Co-Founder and Principal of CIM Group. “In Oakland, we're also nearing completion of an apartment community in Jack London Square, adding 333 residences to the mixed-use environment, where residents can enjoy dining and entertainment, retail options and the open park on San Francisco Bay. Together, CIM's two projects will deliver more than 600 modern new homes to Oakland. "
Eleven Fifty Clay Street offers contemporary residences ranging from studios to three bedroom floor plans and featuring contemporary finishes. An important feature for residents will be a large rooftop terrace that offers expansive views of the bay and the city. The deck offers ample outdoor lounge areas with fire pits and a heated and partially covered dining area with barbecue facilities. The apartment community also offers residents a fitness center, a coffee bar in the lobby, conference rooms, common areas and a bicycle storage room.
Eleven Fifty Clay Street also has a street-level retail space with a ceiling height of 20 feet and a large outdoor deck, and an adjoining public space of 17,000 square feet on 12th Street. The retail and plaza will appeal to the public and provide better connectivity and experience for pedestrians, including the plaza half-basketball court and local specialty stores, and a repurposed shipping container with a full kitchen set in the lush parkland setting.
The property is centrally located in a walkable neighborhood close to many Oakland office buildings and transportation. Eleven Fifty Clay Street is adjacent to the 12th Street BART station and is also within easy reach of the area's major regional corridors, including I-880 and I-80, which lead to San Francisco and Berkeley, and I. -580 to the parishes of East Bay.
CIM has been operating in the greater Bay area since 2001. CIM's first acquisition in Oakland was in 2007. In the Uptown Oakland neighborhood, CIM recently completed construction of the Uptown Station, a redevelopment of a former department store into a 355,000 square meter building. Foot office building rented from Square. CIM is also nearing completion of Channel House, an eight-story, 333-unit home at 40 Harrison in Jack London Square, where it owns multiple properties on 12 acres of this mixed-use business and entertainment destination in Bayfront.