“Oakland is actually pretty welcoming to development now. Lots of San Francisco developers are going to Oakland because of the nuclear winter descending into [San Francisco].” - Panoramic Interests owner Patrick Kennedy, BisNow, April 15, 2018
We must use equitable economic development – including land and property development which account for more than 50% of City revenues – to generate much needed resources and revenues. As with every city, our primary sources of revenue – property tax, sales tax, hotel tax, business license tax, and utility tax – are all directly tied to economic activity and can grow through investments in land and buildings.
As Oakland grows, these investments will directly support our ability to deliver safe, affordable housing, transportation and other public infrastructure, and general enhancements to quality of life.
Development on Oakland’s public lands is both a significant source of revenue and a powerful tool to create equitable investment and development in marginalized communities of color.
Specific Plans Guide Investment
Between 2011 and 2015, the City of Oakland adopted five Specific Plans, a Transit-Oriented Development Plan and a Climate Action Plan that presented a vision and program for sustainable, transit-oriented development. These plans, when implemented, will accommodate more than three-quarters of the City’s future projected job growth – including more than 50,000 new jobs.
We are also currently creating a Downtown Oakland Specific Plan as well as an Equitable Development Strategy which will guide the implementation of all Specific Plans.
Public/Private Development Projects
The City has approvals and has executed agreements with developers for 10 City-owned properties and we are aiming to complete their development in the next three years.
We are in active negotiations with developers on another 7 properties and our goal is to complete negotiations so that these projects can get underway within the next three years.
The remaining City-owned sites require further analysis and community input before soliciting proposals from the development community.
Over the next 30 years, development of existing City properties will produce over 7,900 homes, 14,500 jobs, and over $1.5 billion in City revenues. By 2020, revenues from these projects will exceed the investments required for their development.
Major Development Projects
Redevelopment Successor Agency
The Redevelopment Successor Agency and its Oversight Board was created to wind down and complete the activities of the former Oakland Redevelopment Agency following dissolution in 2012.