“Oakland is ripe for hotel growth. There is solid room and occupancy rates to justify financing.” Kelly Kahn, Oakland Director of Economic and Workforce Development Oakland Ranked Number Five In New York Times 45 Places To Go In The World in 2012 “the city’s ever more sophisticated restaurants are now being joined by upscale cocktail bars, turning once-gritty Oakland into an increasingly appealing place to be after dark. “ “Oakland- the most exciting city to live in America” Ranked by Movoto based on 10 pieces of criteria including park acreage, diversity, theater companies, music venues and museums per square mile
One Lake Merritt Blvd. creates one of the biggest opportunities for Oakland- ever. The redevelopment and rejuvenation of the historic Henry J. Kaiser Convention Center, and “rebirth” as the Oakland Auditorium, will be combined with a new art museum hotel, multiplying the assets of our neighboring and partnering institutions, the Oakland Museum of California and Laney College. An innovative workforce development program will provide training and career-track employment for hundreds of Oakland residents in the project’s Hospitality, Creative Arts and Building Facilities Maintenance operations.
• Tax exempt and taxable bonds • Historic and New Market Tax Credits • Private equity, social venture and additional funding sources
Oakland, home to Fortune 500 companies and tech innovators, has recently been ranked as a top destination for tourism and doing business. The development of One Lake Merritt Blvd. coincides with the return of Oakland’s downtown economy, the strong need for new hotel rooms, and the renaissance of Oakland’s art, food, tourism and technology communities. • 2.75 million visitors to Oakland per year • 9.2% increase in average daily rate from 2011-2012 • Demand for hotel rooms grew by 6 percent over last year - the highest in California
The projected completion date of the project is Early 2017.
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