An undeveloped parcel of land in downtown Oakland is now available for purchase, according to the San Francisco Business Times. The 63,446-square-foot lot, located at 600 Castro Street at the intersection of 7th and Castro Streets between Interstate 880 and 960, is being marketed by Newmark on behalf of owners Frank and Daphne Yang. No asking price has been made public.
The property is zoned for both commercial and residential use, with a maximum allowance of eight stories and up to 278 units. Developers may be able to build more units or higher structures if they use California’s affordable housing density bonus, which increases development limits based on the number of affordable homes included in a project.
In 2021, Wise Investments Enterprise submitted a pre-application to develop a 24-story residential tower containing between 400 and 500 units on the site. According to reporting from San Francisco YIMBY at that time, this proposal set aside 15 percent of apartments as affordable housing, which enabled the building height to exceed zoning restrictions by an additional 190 feet. Previous plans from LCA Architects featured a four-story parking garage. However, this project does not appear to be moving forward currently.
The lot falls within an S-14 housing overlay zone due to its inclusion in Oakland’s housing element plan. This designation ensures that any future development will include housing and provides for ministerial design review. Additionally, because the site is in a federal opportunity zone, investors could benefit from tax incentives designed to encourage economic growth and job creation in targeted communities.
Nearby sites have also seen proposals for major housing developments in recent years. At Howard Terminal—a 55-acre site—the Oakland Athletics previously considered building a new stadium along with housing and commercial space before relocating out of Oakland in 2024. Another vacant parcel at 500 Kirkham Street was once approved for over one thousand homes but was repossessed by its lender in 2023 and listed for $5 million last fall.
“SIGN UPThe 600 Castro site is subject to an S-14 housing overlay zone because it is listed in the city’s housing element, thus guaranteeing the parcel will be used for housing. It also ensures ministerial design review for the project,” according to information cited by Chris Malone Méndez.
