GOVERNOR ANNOUNCES DEAL FOR WATERFRONT DEVELOPMENT
A China-based investor has agreed to help pay for a $1.5 billion development in Oakland to transform 65 acres of industrial waterfront adjacent to Jack London Square to a district of shops, parkland and homes featuring high-rises that will reshape the city’s skyline.
The Brooklyn Basin deal, announced Wednesday by Gov. Jerry Brown in Beijing during his trade mission, will create 10,000 short- and long-term jobs, 3,100 housing units, 200,000 square feet of retail and commercial space, and 30 acres of parks that include wetlands restoration.
The project, described by city officials as “shovel ready,” already has city approval and a certified environmental impact report, and groundbreaking is expected next year. Plans began 12 years ago when Brown was Oakland’s mayor, but stalled because of lack of financing.
Brown credited Oakland Mayor Jean Quan as being “instrumental” in connecting the China-based investor, Zarsion Holdings Group, with the Oakland-based developer of the property, Signature Development Group.