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Bay Investment Group LLC to build largest transit oriented development in Oakland
The largest single transit-oritented redevelopment project in California would be built through the efforts of a Dubai-based investment group. The group, Hayah Holdings would be partnering with US private equity firm Colony Capital.
Colony, for its part owns an extensive portfolio, which previously owned Paris St. German football club. The company also owns an 800 acre urban center in Oakland.
In a statement, the companies said the proposed development would create an urban district at the current facilities of the Oakland Raiders, the NFL team of Oakland. It is also the Major League Baseball's Oakland team, the Athletics and the NBA's Golden State Warriors.
The statement said, "The district would integrate sports, retail, entertainment, housing and hotels in a single location." The project is to be completed in phases over the next decade to become the largest transit-oriented development ever done in Oakland.
The firms have formed Bay Investment Group LLC. It would manage the master development of the project under an extended agreement negotiated with the city of Oakland. It issued a statement saying, "This development has the potential to create one of the country's largest urban centers given its size, central Bay Area location, and its unprecedented transit infrastructure."
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