CGI expands into Nor Cal’s newest thriving urban community: Oakland, a thriving urban destination located adjacent to both San Francisco and the famed Silicon Valley. We see great opportunity in Oakland and are preparing for the development of our most sought-after community yet. Construction is set to begin in 2019.
Our vision for the property is to develop approximately 130 residences as well as 12,500 sq. ft. of ground floor retail space over 1.5 levels of subterranean parking and we will offer residents a variety of amenities including several chill lounge spaces, a fitness center with scheduled classes and other fun programming options. We’re excited to use energy-efficient building components and materials, as well as the latest home automation technology and artificial intelligence. This will be one of Oakland’s flagship collaborative, sustainable living environments. And with the demographic being mostly millenials the demand is great for this product type.
Oakland has recently seen California’s highest annual appreciation of home values and the biggest rent growth of the 50 largest U.S. cities. Despite its recent growth, Oakland real estate still trades at a significant discount to similar real estate in San Francisco, despite being a reasonable commute away. The Property is only four train stops away from San Francisco’s financial district via the nearby MacArthur BART station.
Redfin recently named the nearby Bushrod neighborhood as the hottest neighborhood in the country for 2017. Similarly, a recent report by Zillow indicated that each of the five hottest neighborhoods in the Bay Area for residential price appreciation are in Oakland.
In January 2013, the Oakland unemployment rate was nearly 13%. It has since dropped to 4.3% (significantly below the average for California), with the number of jobs expected to continue to grow.
Forbes recently named Oakland one of the 20 best cities for summertime travel.
Oakland has the fifth largest cluster of “elite zip codes” in the United States, which are ranked by the number of households with the highest combination of education and income, with 38% of the population over 25 having a bachelor’s degree or higher.