Site of huge East Bay housing project is seized in loan foreclosure

OAKLAND — The future for a huge housing development in Oakland has turned murky now that a lender has seized the project site through its foreclosure of a delinquent real estate loan.

The foreclosure casts doubt and uncertainty over the fate of a project that could have produced well over 1,000 homes in West Oakland.

Housing tower within the CitySpaces mixed-use development that features 1,032 residences, retail, restaurant and grocery spaces at 500 Kirkham Street in West Oakland, concept. (SiteLab Urban Studio, BDE Architecture)

San Francisco-based Panoramic Development had proposed the housing project on a site that’s bounded by Kirkham Street, 7th Street, Union Street and 5th Street, Oakland planning files show.

Panoramic bought the site, whose official address is 500 Kirkham Street, for $7.1 million in 2017.

Street-level view of the CitySpaces mixed-use development that features 1,032 residences, retail, restaurant and grocery spaces at 500 Kirkham Street in West Oakland, concept.(SiteLab Urban Studio, BDE Architecture)
Street-level view of the CitySpaces mixed-use development that features 1,032 residences, retail, restaurant and grocery spaces at 500 Kirkham Street in West Oakland, concept. (SiteLab Urban Studio, BDE Architecture)

In 2021, acting through an affiliate, Panoramic Development obtained a $6.25 million loan from CPIF California, which is an entity controlled by Columbia Pacific Advisors.

This is the loan that toppled into default in March of this year, ultimately leading to the foreclosure, according to documents filed on Oct. 2 with the Alameda County Recorder’s Office.

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