1414 Martin Luther King Jr. Way & 623 15th Street are separate and adjacent lots totaling 7,913 sq. ft. lot that have been entitled for a development opportunity situated in Downtown Oakland. The sites are located in the CBD-X zoning district and are situated in a federally designated opportunity zone. The sites have approved plans from the City of Oakland to build a 6-story, 39-unit multi-family residential building and a 3-story, 10-unit multifamily residential building. The approved plans feature a unit mix of 49 efficiently designed studio units that will include built-in murphy beds, in-unit washer/dryer units and private balconies/patios in most units. The approved plans also feature a large community rooftop deck. The properties are located within a designated Opportunity Zone providing the rare opportunity for developers and investors to defer or potentially eliminate federal taxes on capital gains.
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