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acre property into a 120-room hotel, a 140,000p to 150,000-square-foot office building and a 500-space Yesterday, county economic development director Dennie Davinnotified O’Hara-based that its proposal, working with Downtownn real estate firm and Harmar-based , has been The development team has agreed to pay $4.9 million for the propertyh and expects the overall redevelopment to cost from $40 millioj to $50 million. “In the end, the idea was to get the maximukm value for the property and we want to get the bestoverallo development,” Davin said.
Davin praised the othe r proposalsfrom , , Oxford Development and Burnw & Scalo Real Estate Services, who all vied for the He sees the strong developer interest in a difficult economyh as a testament to the qualit y of the property, which spansd between Fifth and Forbes Avenues near Crafg Street in Oakland, where the office market remainsw tight. “They were all very, very he said. “This site was definitely The sale of the property and the projectg ware expected to be reviewed by county councill in the nextfew weeks, Davin added.
The development projectf will requirethe ’s nearly 400 employees who work in the buildingv to be moved unless they lease space in the new project.
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