Uniquely Oakland
Welcome to Oakland, Calif., the best place on the planet to pursue prosperity.
If that seems like exaggeration, consider this: Oakland is ideally located at the center of California’s $3 trillion state economy (an economy larger than that of the United Kingdom, France and India.) Oakland is also the geographic heart of the San Francisco Bay Area—the region recognized as the global capital of tech innovation, home to the nation’s highest GDP per capita, a magnet for the world’s smartest talent and a coveted place to live with unbeatable scenery, weather and cultural diversity.
Also consider what you’ll read in this special report. Venture capital investment in Oakland increased 49 percent from 2017 to 2018. More than $40 billion moves through the Port of Oakland each year, and 13 million people fly in and out of the Oakland International Airport. Oakland’s comparatively affordable real estate is attracting new tech companies like Marqeta, Roofstock and Uptown Station’s incoming tenant, Square. And the city is a leading employment center for the health-care industry, with Blue Shield’s new headquarters moving here and long-time Oakland-based giant, Kaiser Permanente, set to build a new $900 million Thrive Center.
Oakland also celebrates our status as the most ethnically diverse large city in California. Our commitment to inclusive and equitable values is Oakland’s special sauce—like the secret recipes of our many famous chefs. You can sample Oakland’s distinct flavors not only in our restaurants, but also in our outdoor spaces, festivals, murals and music. You hear it in voices on the stage and in the streets, and in the words of our writers and poets. These creative expressions ensure that we live, work and play in a city where we all feel a sense of belonging—a sense of Oakland.
That spirit means we welcome and encourage entrepreneurship at every level of the economy. The city is committed to ease, efficiency, prosperity and resiliency while driving equality of opportunity and inclusive growth. Our many successful companies, from industry giants and world-leading nonprofits to retail pop-ups and fabulous food trucks, share a commitment to these values and prosperity for all.
Because of these factors and more, Oakland is experiencing an unprecedented boom. Unemployment has plummeted, commercial districts are booming, business and tourism are flourishing. Development dollars are pouring in, driving construction on 240,000 square feet of new retail space and 945,000 square feet of new office space with openings slated for 2019, 2020 and 2021.
Growth has been spurred, in part, by the city’s forward-thinking work on specific areas of Oakland that are ripe for renaissance. City plans and environmental reports drawn up over the last decade are helping to ensure predictability and efficiency for development in these zones since the plans have already been publicly vetted and adopted by the City Council. The city also works hard to expand prosperity beyond the downtown core, to grow opportunities for all neighborhoods from East to West.
To tackle the challenge of rising rents and the state’s affordable housing crisis, Oakland’s planning provides a turbo-boost to housing while also including careful guardrails to prevent unnecessary displacement and disruption to neighborhoods. This includes impact fees to support affordable housing, transportation and capital projects, as well as rules to prevent conversions of single-room occupancy housing.
Fortunately, multiple developments are well underway to increase the supply and variety of housing. More than 9,300 units are currently under construction, including transit-oriented developments at Fruitvale, MacArthur and Coliseum BART stations. Multiple residential projects are rising in the city’s center. Oakland’stallest housing development ever, a soaring 40-floor tower at 1314 Franklin Street, is rising on the site of a former parking garage.
Two large developments are also creating entirely new residential neighborhoods. SunCal’s Oak Knoll community will feature 918 townhomes and single-family homes, 80,000 square feet of retail and about 84 acres of green space. An adjoining 5.4-acre parcel retained by the city is slated for development of affordable housing.
Nestled on the Oakland Estuary, Brooklyn Basin is a new, mixed-use neighborhood on the historic waterfront. The 64-acre, former industrial site is completely transforming with 241 units now leasing in the Orion building. Ultimately, 3,000 market-rate and affordable units are slated for the area.
Oakland’s bright future also includes a signature opportunity with our hometown sports heroes. The Oakland A’s baseball team—famous for grit and ingenuity—plans a new waterfront ballparkat Howard Terminal adjacent to Jack London Square. The Bay Area Council Economic Institutepredicts the ballpark and surrounding development will generate $7.3 billion in economic benefits over 10 years for Oakland and Alameda County and create more than 6,100 permanent jobs.
Oakland is a creative, resourceful community. Our character comes from our history, spunk and imagination. You already belong here. I hope you’ll become part of our story.
