In California, especially in metropolitan areas where space for real estate development is at a premium, finding a location available for development is often a Herculean task. In many cases, it involves some degree of creativity to work around existing structures to create a desirable space, taking into account the needs of probably tenants.
Up in Oakland, a new development is forming that refurbishes an existing historic structure while creating some much needed administrative space. The site, which has been in a state of flux since passing to new ownership in the middle of the 2008 real estate crisis, will feature a class a tower and grant a significant facelift to the historic Key System Building. The Key System Building was built over 100 years ago as part of a transportation hub for the region.
One of the primary tenants is expected to be the Office of the President for The University of California, which will likely inhabit several of the lower floors of the property. From a development standpoint, this presents some key challenges. The new structure must respect the existing historic site and create a proper space tailored to the needs of the administrative tenant, while building out the rest of the tower to function in any number of professional settings.
Clearly, such complex development ventures can lead to numerous conflicts. Many different teams of professionals must be coordinated to bring the development to completion while operating within the guidelines of city codes and historic preservation. Without a doubt, such an endeavor would not be possible without a team of experienced attorneys working to ensure that does remain respected and contracts are fulfilled.
If you are working on a complex real estate development project, make sure to enlist the guidance of experienced attorneys who can help guide the project from conception to ribbon-cutting.
Source: Mercury News, “Oakland office tower planned on historic site, university tabbed as a tenant,” George Avalos, March 20, 2017