$1.5 billion project to transform Oakland waterfront

OAKLAND, Calif.

Groundbreaking for the stalled $1.5 billion Brooklyn Basin Project is set for 2014. It will include more than 3,000 residential units, 200,000 square feet of retail and commercial space, and a community park. The proposal to redevelop the vacant estuary site just south of Jack London Square dates back to 2001.

Governor Jerry Brown announced the deal from the American Embassy in Beijing Wednesday. The Chinese investment firm, Zarsion Holdings Group, will help fund the deal with Oakland based Signature Development Group.

Brown is in China this week for a trade mission, hoping to bolster investment ties between Chinese companies and the Golden State.

City officials hope to see the first ground breaking next spring. The entire project could take eight years before completion.

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