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OAKLAND, CA-Shorenstein Co. has submitted a proposal to the City of Oakland that will scale back its development plans at City Center. The developer wants to build two more office towers instead of three.

555 City Center, Oakland’s first Class A high-rise to be constructed in over a decade, recently opened 555 City Center, a 21-story building. While the company’s aggressive marketing efforts have attracted many tenants, it has still been affected by the decline in the Bay Area economy and commercial real estate market.

If the proposal is approved, Shorenstein would have five extra years to construct the two City Center buildings and the T-10 block, intersected by Jefferson Street, Martin Luther King Jr. Way and 13th and 14th Streets, would be available for new development. Shorenstein’s rights to develop the T-10 block would be transferred to the city, which could develop it for housing or retail.

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