A partnership of Signature Properties, Reynolds and Brown and the Bay Area Smart Growth Fund was awarded the exclusive negotiating agreement to design and develop a first-class mixed-use project on the 60-acre property. The name of the partnership is Oakland Harbor Partners LLC.
About 75% of the 120-acre Oak to Ninth District is owned by the port. Warehousing, manufacturing, artists' community, distribution, storage and transportation presently characterize the area. The Port extended a public invitation for developers interested in the project last year.
The master development plan for the Oak to Ninth District parcel is part of a long-range plan developed by the port three years ago to stem prior losses from its real estate holdings of waterfront land. Port officials say the Oak to Ninth development presents an extraordinary opportunity to transform underused land into a thriving urban area, and that the development has a potential value in excess of $500 million and allows for greater public access to the waterfront.
In October 2001, a California State Audit recommended the Port of Oakland's commercial real estate division effect an action plan for increasing revenues and decreasing costs associated with managing its assets. Execution and implementation of the plan is well under way, according to city officials.
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