11 October 2013
Dubai-based investment group Hayah Holdings plans to develop the largest urban centre in California in a venture with US firm Colony Capital.
The proposed development will result in an 800-acre mixed-use urban district integrating sports, retail, entertainment, housing and hotels in a single location.
Hayah and Colony have formed the Bay Investment Group LLC, an entity to take over the master development of the project under an exclusive negotiating agreement with the City of Oakland.
Oakland, California from the air
The multi-billion dollar centre will be based at the current site of Oakland’s NFL team the Oakland Raiders, baseball team the A’s and NBA team the Golden State Warriors.
The project is targeted for completion in phases over the next 10 years.
It is hoped that the development will generate jobs in growth industries such as biotechnology, life sciences, research and development, multimedia and other growth sectors.