Quarterly Report - 2Q 2006 - Click Here to Download Full PDF

Oakland’s Uptown neighborhood, the area bounded by Telegraph and Grand Avenue to the north and 16th Street and Broadway to the south, continues to see a positive transformation and resurgence in the first half of 2006. Residential and commercial development combined with investment projects, are the primary drivers in this revival with over 1,700 residential units planned and over 300,000 square feet of new office and retail space.

Residential development became a heated topic during Oakland‘s June Mayoral race. Despite some local developers’ doubts, the Uptown area continues to see new projects. Signature Properties’ Broadway Grand project, consisting of 400 residential units and 20,000 square feet of retail, is well under construction at the intersection of Broadway and Grand Avenue. Forrest City commenced construction on its long awaited Uptown Project located at 20th Street and Telegraph Avenue. The first phase consists of 800+ residential units and 10,000 square feet of retail. More entitlements have been issued to 100 Grand and 17th and Broadway to build another 500 residential units.

Commercial real estate in the Uptown district has also seen a surge of building and investment activity over the last few months. Metrovation purchased the historic 187,483 square foot Bruener‘s building at 2201 Broadway and has coined it the “Heart of Uptown.” 1500 Broadway, LLC is purchasing the 90,000 square foot building at 1500 Broadway. Brog Properties purchased the 110,327 square foot building at 1611 Telegraph Avenue (Latham Square), and Brandywine Realty Trust’s new office development at 2100 Franklin will add 215, 000 square feet of Class A office space and 16,000 square feet of retail to this burgeoning market.

With more residential developments slated for the near future and additional investment opportunities coming to the neighborhood in the next few months, the Uptown office market is evolving within its new surroundings. Given the wealth of opportunities for increased parking, foot traffic and freeway access, the revival of the Uptown district has created a new landscape for businesses and residents in Oakland.