|
|
This department does much of the work for which EBALDC is best known. The Real Estate Development department does both rehab of older buildings and new construction for affordable housing, mixed-use projects and community facilities. To date, EBALDC has developed over 700 rental units and 95 single family homes for first time homebuyers. Many of these projects have been done as joint ventures with other nonprofit or for profit partners. EBALDC has also developed nearly 200,000 square feet of retail and office space, including spaces for nonprofit services and two childcare centers.
See also EBALDC's ( commercial and residential) properties.
The tenants of the Oak Park Apartments organized against their landlord, who failed to maintain the property, leaving residents to cope with rodents, broken stairways, mold, and a leaky roof. EBALDC stepped in with a joint venture with Affordable Housing Associates. Repairs and rehabilitation of 30 affordable family rental apartments is now underway.
In a joint venture with Jubilee West, EBALDC’s Real Estate Development department has completed the rehabilitation of 31 affordable rental apartments in West Oakland. The project has won an award for preservation of historic architecture by the Oakland Heritage Alliance.
EBALDC has begun working to find innovative strategies to increase homeownership for low to moderate income families. Working with Fannie Mae and the Golden State Warriors, EBALDC’s Homeplace Initiative rehabilitates single family homes and works with loans from the City of Oakland to help reduce the effective price of the homes to make them affordable to families which might never gain the opportunity to own their own homes.
Jack London Gateway, also known as the Acorn Shopping Center, provides 53,000 square feet of retail space to West Oakland. The project is a joint venture with the Westside Economic Development Corporation and Portfolio Properties, Inc.
EBALDC preserved an historic city landmark by reviving Swan's, which first opened in 1917. Through innovative finance and banking, developers brought the resources together to create a mixed-use development including low-income housing, market-rate condos, restaurants, produce stores, a museum and other businesses to draw Oakland residents again to this cultural icon and economically restored district.