OAKLAND — A a single-time glass manufacturing unit web-site in Oakland that is headed for the wrecking ball and redevelopment has been grabbed by a veteran real estate business that has proposed a revamp for the house.
Duke Realty is setting up a key growth of the property in Oakland’s Fruitvale district by means of the demolition and replacement of the former Owens-Brockway glass production plant, according to documents on file with metropolis planners.
In a go that even more solidifies the Duke Realty strategies for the assets, the Indiana-centered developer has purchased the site, according to documents on file with the Alameda County Clerk-Recorder’s Business office. Duke Realty Alameda Ave., the progress firm’s affiliate, paid out $34.4 million for the 23.9-acre site, files filed Dec. 29 with the county display.
The developer completed the transaction by an all-dollars offer, in accordance to the home records.
Owens-Brockway Glass Container bought the assets, situated at 3600 Alameda Ave. in Oakland, the general public files exhibit.
“The proposed undertaking is an prospect to assemble a finest-in-course contemporary industrial developing representing a substantial investment in East Oakland,” Duke Realty stated in paperwork filed with the city’s setting up division.
The constructing would complete 426,000 sq. feet and include 30,000 square ft of office house, situated at the corners of the building, the arranging files condition.
“The task will make advantages for the community community and is a proactive reaction to the present-day financial and industry demands,” Duke Realty said in the city filing.
Duke Realty intends to assemble the challenge on a speculative basis, that is, without the need of any assurance of signed leases with tenants in advance of the site’s development. No tenants have been identified to this issue.
The redevelopment of the site will “provide improved general public entry to the shoreline of the close by estuary,” the planning paperwork condition.
Duke Realty has also proposed the preservation of a half-acre lot for upcoming retail to permit “the possible advancement of further regional-serving retail uses” that would bolster Oakland’s citywide retail strategy, in accordance to the company’s submitting.
Of substantial curiosity is which firm or providers could occupy the new industrial constructing.
In a publish on its web page, Duke Realty lists several companies as tenants for its most fashionable warehouse projects: Amazon, Weber-Stephen, Carter’s and Dick’s.
James Connor, Duke Realty’s main govt officer, pointed out the developer’s ties to Amazon several times during a conference contact with analysts in October to discuss the company’s 3rd-quarter money effects. Amazon is a “very fantastic lover of ours,” Connor explained to the analysts.
The nature of the glass container factory as an infill residence in Oakland dovetails with how Duke Realty describes its current endeavours and leasing exercise with Amazon.
The proposed enhancement at the corner of Alameda Avenue and Fruitvale Avenue would use an array of structure attributes to produce an eye-catching setting up.
“In offering a higher-good quality industrial making, the venture aims to improve the attributes of the existing place with architecture, landscaping therapy and internet site setting up,” Duke Realty said in the planning paperwork.
The development of the new industrial, warehouse and office constructing is envisioned to make lots of careers, which would be a welcome distinction to the current ailment of the prolonged-shuttered intricate.
“The project’s main purpose is to generate a thriving employment heart,” Duke Realty stated.