Central Station

The Bay Area's Newest Destination

Thursday, November 5, 2009

What made this event so special?

In July 2007, the construction contractor UPA California for the City Walk, the Olson Company's boxy condominium development a block from Oakland City Hall walked off the job and then filed bankruptcy.

On November 19th, 2008, developer SunCal (Lehman Brothers were the financial partner) filed for bankruptcy on Oak Knoll residential project in the East Oakland hills. The vision of the development was 960 homes, a retail center and community park. The luxury estate homes would line the highest ridge, with affordable apartments and senior housing nearer to Mountain Boulevard and market rate homes in between.

AF Evans, which declared bankruptcy on March 5th 2009, lost its 901 Jefferson St., a 75-unit building development, to the lender. An estimated the total cost of the project was at $140 million. The City of Pittsburg plans to spend $9.2 million to buy and finish building Vidrio, a 90 percent-complete condo project originally developed by bankrupt AF Evans Co.

All these projects and more cite the financial meltdown and the tightening credit market as contributors to their failures.

In one of the worst economies and in an area that has received little positive press over the past years, Central Station has seen some of the greatest success of any new development in the Bay Area.

On Thursday, Oct. 29th 2009 Central Station celebrated the completion of nearly 400 homes (currently over 200 new residents) as part of the first phase of Central Station, the largest private investment in the history of the Prescott Oakland Point neighborhood.

The block party was an opportunity that brought together new and long-time residents. The 300+ attendees of this party included the Lew Hing family, local elected officials, local businesses, out-of-towners, and represented the rich Prescott Oakland Point neighborhood with people of diverse ethnic, cultural and economic backgrounds living side by side which dates back to the early nineteenth century.

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