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BART, project partners reassessing Lake Merritt Station development opportunities

BART, project partners reassessing Lake Merritt Station development opportunities

Future development options for the Lake Merritt BART Station are currently under consideration by BART and its project partners after two short-listed development teams have chosen to pursue other opportunities.

Despite local representative interest by both TRG Pacific Development and Ayala Land, Inc., corporate office decisions have been made to apply equity funds to other opportunities that are either in construction or are shovel-ready.

In the following weeks BART, the City of Oakland, and the Peralta Community College District will work together to review development options, assess construction costs, and identify potential funding sources.  Options that will minimize market and developer financial risks while maintaining benefits to the community will be explored.

These new efforts are expected to place the development opportunity in a more positive position as the City of Oakland works to complete its station area plan and program clearance under the California Environmental Quality Act (CEQA).

“We will continue to work with our partners and the community to ensure we have done everything feasible to maximize development opportunity and minimize obstacles to the revitalization of the Lake Merritt Station area of Oakland,” BART Director Robert Raburn said.  “The City has made significant investment in the planning process which will help clear a number of hurdles to enable development.  We must maintain the momentum with the community to create a more successful future development solicitation.”