Riaz Capital to Convert Jack London Square Z Hotel into Affordable Housing
The Z Hotel in Oakland, next to Jack London Square, will be transformed into affordable accommodation.
Riaz Capital purchased the hotel at 233 Broadway in the spring of 2021 at the “value price” of $ 18.15 million, or about $ 180,000 per room, the San Francisco Business Times reported. A $ 13 million renovation, which will likely take at least a year, will include cosmetic improvements and upgrades for the property’s “structural and seismic performance”.
Riaz plans to create 102 residential units for people earning between $ 50,000 and $ 120,000 per year. The goal is to limit rents to less than $ 2,000 per month. Workers who generally fall into this bracket include teachers, police, nurses, and firefighters.
“This building is an opportunity to make the lifestyle and culture of the people of Jack London Square accessible to people who would not otherwise have been able to rent in this area,” Garrett Monaghan of Riaz Capital told The Business Times. “We want this to be one of the best lifestyle deals in the Oakland residential market at this price. “
Riaz Capital may add kitchens and convert hotel rooms into “micro living” studios of approximately 320 square feet each, as the property is already zoned for residential use. The pool, fitness center and lounge will remain.
Riaz Capital recently launched a second development fund focused on so-called opportunity areas, or designated areas in difficulty. Earlier this summer, she bought a 200-unit property for $ 44 million in the East Lake neighborhood of Oakland.
Rental of units from the former Z hotel could begin as early as next fall.
[SFBT] – Victoria Pruitt