Related Articles: Real Estate, All

Chinese Investment Firm Sets Sights on Oakland Waterfront

$1.5 Billion Development Planned

In a momentous deal for Bay Area development, a Beijing real estate and investment firm called Zarision Holding Group is revitalizing a $1.5 billion project that will turn the 65 industrial acres south of Jack London Square into a beautiful waterfront community.

"This is one of the largest investments in Bay Area real estate that I've heard of by a Chinese investor," said Kevin Van Voorhis, a senior vice president with Colliers and a veteran in the commercial property purchases market.

This development would include the construction of 3,100 homes, 200,000 square feet of shops, 30 acres of park space and a marina with 200 boat docks. The housing will include a combination of condos and rental units, and the park will conveniently connect to the Bay Trail.

Governor Jerry Brown expressed his excitement about the project stating, "The massive influx of Chinese investment will put thousands of Californians to work and dramatically improve Oakland's waterfront."

But not all Oaklanites are as wholeheartedly supportive of the Zarision Groups plans, as many residents fear that this private development will limit the public use of this area. "I do question a sprawl of condos as the wisest use of our waterfront," project critic Naomi Schiff said. "It's the latest step in the privatization of our coast."

The project is expected to add about 10,000 jobs in the Oakland area over the eight to 15 years it will take to build. ~ Michael Bain

Michael Bain is an analyst for Move New Homes (http://newhomes.move.com).