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fter seven years, Emerald Fund has put its plans to redevelop the former California College of the Arts in Oakland on hold due to economic conditions. The project, which aimed to build nearly 450 homes at the 4-acre campus, was set to be developed in tandem with CCA and San Francisco-based Equity Community Builders. However, it's unclear if Equity still has a role in the project.

    The latest plans called for two apartment buildings with 448 units, as well as shops, restaurants, and a 1.5-acre park. The number of affordable units was not disclosed. Initially, the plan had 589 housing units, including 51 affordable apartments, but it was scaled back to 510 homes before being further reduced.

    The project's developers say they've missed their "development window" due to rising construction costs and low rents caused by an influx of completed housing developments. Emerald Fund's president, Marc Babsin, stated that the cost to build is now higher than the property's worth when finished. The Federal Reserve's recent interest rate cut has not alleviated concerns for local developers.

    Babsin noted that projects are being sold at one-third below replacement costs, making it more financially feasible to buy existing buildings rather than building new ones. He expressed hope that market conditions will improve in the future, allowing the project to move forward. The Environmental Impact Report has been finalized and is set to be reviewed by the Landmarks Preservation Advisory Board and Planning Commission next month before heading to the City Council for final approval.