By Beatrice Thomas
Hayah Holdings will partner with US private equity firm Colony Capital for transit-oriented redevelopment project
A Dubai-based investment group is making waves in the US with a joint
venture to build the biggest single transit-oriented redevelopment project in
Hayah Holdings will partner with US private equity firm Colony Capital, which
previously owned Paris St Germain soccer club among an extensive portfolio, on the
800 acre urban centre in Oakland.
In a statement the companies said the proposed development
will create a mixed-use urban district at the current site facilities of
Oakland’s NFL team the Oakland Raiders, baseball team the A’s and NBA team
Golden State Warriors.
“The district would integrate sports, retail, entertainment, housing and
hotels in a single location,” it said.
The multi-billion dollar project, targeted for completion in phases over
the next ten years, is the largest transit-oriented development ever undertaken
by the city of Oakland.
Hayah and Colony have formed Bay Investment Group LLC, an entity to
take over the master development of the project under an extended exclusive
negotiating agreement with the city.
“This development has the potential to create one of the country's
largest urban centres given its size, central Bay Area location, and its
unprecedented transit infrastructure,” the statement said.
Hayah CEO and chairman Rashid Al Malik, who was responsible for the
concept and strategic plan for Dubai Aerospace Enterprise, said it had been
searching for an opportunity like this in the US.
The company, which was founded in 2011, has among its development credits
the south railway corridor in Armenia through subsidiary, Hayah Resources.
"We share the city of Oakland’s and Mayor Quan's long-stated vision
to transform the Coliseum site and create a larger district surrounding it with
a new economic base and a catalyst for sustained job growth,” Al Malik said.
The company has an estimated $50bn in assets worldwide, including in the
GCC. Colony Capital currently owns Japan's Fukuoka
Daiei Hawks professional baseball club.