The future for a huge Oakland housing development has turned murky now that a lender has seized the project site in a loan foreclosure.
A housing tower and residences within the CitySpaces mixed-use development that features 1,032 homes, retail, restaurant and grocery spaces at 500 Kirkham Street in West Oakland, concept.OAKLAND — The future for a huge housing development in Oakland has turned murky now that a lender has seized the project site through its foreclosure of a delinquent real estate loan.
San Francisco-based Panoramic Development had proposed the housing project on a site that’s bounded by Kirkham Street, 7th Street, Union Street and 5th Street, Oakland planning files show.Street-level view of the CitySpaces mixed-use development that features 1,032 residences, retail, restaurant and grocery spaces at 500 Kirkham Street in West Oakland, concept.
The housing development at 500 Kirkham was one of several proposed projects that collectively were expected to usher in a dramatic transformation of the neighborhood next to the West Oakland BART station. Lenders typically eschew strategies that oblige them to develop or own on a long-term basis properties that they have seized through foreclosure.
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