How Oakland Reeled in a Behemoth and Became Attractive to Global Capital Overnig

[simms3]

http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/09/uber-oakland-sears-building-uptown-lane-partners.html

Earlier this year, Oakland officials had been joking amongst themselves that "Google is coming" to the city.

Rumors flew about which company would occupy the former Sears building at 19th and Broadway, now known as Uptown Station. City Hall insiders weren't quite sure who would make the move, but invoking Google made for decent fodder.

Within the last couple months, things got more serious. News spread that building owner Lane Partners was in deep discussions with one company after touring the building. The developer had about 40 interested parties in past years that ranged from technology to professional service. In real estate circles, speculation centered on companies like Twitter (NYSE: TWTR), Google (NASDAQ: GOOG), Stripe, Pinterest, Yahoo (NASDAQ: YHOO) and Apple (NASDAQ: AAPL).

But the company that eventually took the building turned out to be Uber, which announced Wednesday that it bought the 400,000-square-foot building to house nearly 3,000 employees.

"I was chomping at the bit, meeting with Uber folks a few days ago – 'Is it true, is it true?' I'll bring out the big pom-poms," said Lynette Gibson McElhaney, an Oakland city council member.

The news has had major economic and social significance in the Bay Area, sparking debate about what the move means for Oakland now that it's become more attractive to global capital practically overnight. No major technology company had set up shop yet in Oakland, and Uber will already become one of the city's largest employers when in moves in 2017.

The deal made practical real estate sense for Uber at a time when fast-growing tech companies are all exploring nearly every big block of space in the region that sits near public transit. Increasingly, the largest of those companies, like Salesforce (NYSE: CRM) and Google, want to own their own real estate to have more control instead of staying chained to a landlord.
(Uber and Lane Partners refused to disclose the sales price, which should soon become public anyway.)

One-fifth of Uber's employees live in the East Bay, and the company expects a quarter to live there by the time the move occurs. "It enables our employees to spend more time at home with their families rather than on commutes," Uber's global head of people and places Renee Atwood said.

The company had been looking on and off at Oakland lately, and started talking with Lane Partners about three months ago. Lane Partners had discussions with other firms that wanted to split the building with other tenants, too. Uber also had initially discussed leasing before deciding to buy.

Secrecy was paramount, as is usually the case in the ultra-competitive technology world. Uber kicked the tires on other Oakland office development sites controlled by developers like Shorenstein Properties and SKS Investments, but those couldn't compete with a building already constructed and undergoing $40 million worth of renovations.

"We've had really strong tenant interest but at some point someone breaks away from the pack and that's what happened here," said Scott Smithers of Lane Partners.

Now that Uber broke away, it has questions to answer. At Wednesday's press conference, the heaviest questions focused on how Oakland lured the company there. But there were no tax incentives and no guarantees, officials said.

...

Guys, if Oakland of all places can do it, so can downtown Jacksonville.

Other quotes from the article:

The city has 15,000 residential units in the pipeline, a downtown-specific plan getting underway, big affordable housing decisions to make, and a host of city-owned sites up for development. Developers say the move makes a lot of that development – including affordable housing requirements tied to it – more financially viable.

Riaz Taplin, a developer who recently announced he will build a couple apartment projects in East Oakland, said he got three text messages from his biggest institutional investors when the Uber news hit Tuesday night.

"It's such a stamp of approval – the same as a rating agency saying a bond is investment grade. Uber just said Oakland is investment grade. It's no different," he said.

Other developments recently proposed or underway in Downtown Oakland by bigger capital include:

345 units by Seth Hermalian in downtown

source: http://www.socketsite.com/archives/2015/08/33-story-oakland-tower-slated-for-approval.html

298 units by UDR in downtown

source: http://www.socketsite.com/archives/2015/07/controversial-oakland-tower-deal-could-be-illegal.html

206 units by Gerding Edlin in downtown

source: http://www.socketsite.com/archives/2015/08/refined-designs-and-timing-for-206-unit-oakland-tower.html

source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/05/oakland-housing-tower-gerding-edlen-perkins-will.html

223 units by Lakeshore Partners in downtown

source: http://www.socketsite.com/archives/2015/03/plans-for-24-story-oakland-tower-with-223-apartments.html

330 units by Carmel Partners in Jack London Square


source: http://www.socketsite.com/archives/2015/09/refined-designs-and-moniker-for-330-unit-oakland-development.html

Really the list goes on and on.  Oakland hit < 10% office vacancy for the first time since 2008 this past year and it's now around 7% vacant, which is extraordinarily low.  There are a couple of office tower proposals that will come to fruition if having a large Uber office in Oakland translates to additional high brow tech firms locating offices there:

renderings and info at each site:

600K sf in 23 floors by Shorenstein
http://shorenstein.com/portfolio/investments/property?id=2795

310K sf in 20 floors by SKS
http://1100broadway.com/pdf/factsheet.pdf



Yes, Jax doesn't have spillover from a larger, booming city.  But some of the issues that Oakland has are a lot worse than the issues Jax has.  Oakland's whole quality of life is questioned daily, and it truly truly is a dangerous city.  Honestly, not really sure all that much what Oakland is "doing" to get this kind of investment, but it begs the question and is worth looking into.

[spuwho]

The future blossom of Oakland was inevitable.

Access to transit.
Cheaper housing
Same vistas as SFO

Its getting so bad in SFO that Google bus drivers are sleeping in their cars now.

So Uber breaking through and buying the Sears property will no doubt start the movement off the peninsula they have been waiting for.

Personally having dealt with the Valley mentality, the mass idea of being colocated from SFO down to San Jose is somewhat defeating.

The Valley will price themselves out eventually as the cost of existence or reaching the space becomes unreachable.

[thelakelander]

Great news for Oakland. Outside of dinner at Jack London Square and a drive through the city's streets to reach Redwoods Regional Park, I didn't get much of a chance to explore the city this summer but I came away believing it had potential. Regarding its skyline, it seemed pretty small for a city its size. Given the boom occurring in SF and Oakland having direct connectivity via BART, I'm not surprised to see some spillover starting to happen.

What issues do you believe that Oakland has to deal with that are more difficult to overcome than Jax?

[heights unknown]

Kind of reminds me of Jacksonville 7 to 8 years ago before the 2008 economic crash and downturn; we had a lot of developmental projects, both business and residential, proposed or nearing approval downtown. I don't know whether Oakland's leaders are pursuing these interests and developments or its just luck, but I know that Jax can achieve the same.

[heights unknown]

http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/09/uber-oakland-sears-building-uptown-lane-partners.html

Earlier this year, Oakland officials had been joking amongst themselves that "Google is coming" to the city.

Rumors flew about which company would occupy the former Sears building at 19th and Broadway, now known as Uptown Station. City Hall insiders weren't quite sure who would make the move, but invoking Google made for decent fodder.

Within the last couple months, things got more serious. News spread that building owner Lane Partners was in deep discussions with one company after touring the building. The developer had about 40 interested parties in past years that ranged from technology to professional service. In real estate circles, speculation centered on companies like Twitter (NYSE: TWTR), Google (NASDAQ: GOOG), Stripe, Pinterest, Yahoo (NASDAQ: YHOO) and Apple (NASDAQ: AAPL).

But the company that eventually took the building turned out to be Uber, which announced Wednesday that it bought the 400,000-square-foot building to house nearly 3,000 employees.

"I was chomping at the bit, meeting with Uber folks a few days ago – 'Is it true, is it true?' I'll bring out the big pom-poms," said Lynette Gibson McElhaney, an Oakland city council member.

The news has had major economic and social significance in the Bay Area, sparking debate about what the move means for Oakland now that it's become more attractive to global capital practically overnight. No major technology company had set up shop yet in Oakland, and Uber will already become one of the city's largest employers when in moves in 2017.

The deal made practical real estate sense for Uber at a time when fast-growing tech companies are all exploring nearly every big block of space in the region that sits near public transit. Increasingly, the largest of those companies, like Salesforce (NYSE: CRM) and Google, want to own their own real estate to have more control instead of staying chained to a landlord.
(Uber and Lane Partners refused to disclose the sales price, which should soon become public anyway.)

One-fifth of Uber's employees live in the East Bay, and the company expects a quarter to live there by the time the move occurs. "It enables our employees to spend more time at home with their families rather than on commutes," Uber's global head of people and places Renee Atwood said.

The company had been looking on and off at Oakland lately, and started talking with Lane Partners about three months ago. Lane Partners had discussions with other firms that wanted to split the building with other tenants, too. Uber also had initially discussed leasing before deciding to buy.

Secrecy was paramount, as is usually the case in the ultra-competitive technology world. Uber kicked the tires on other Oakland office development sites controlled by developers like Shorenstein Properties and SKS Investments, but those couldn't compete with a building already constructed and undergoing $40 million worth of renovations.

"We've had really strong tenant interest but at some point someone breaks away from the pack and that's what happened here," said Scott Smithers of Lane Partners.

Now that Uber broke away, it has questions to answer. At Wednesday's press conference, the heaviest questions focused on how Oakland lured the company there. But there were no tax incentives and no guarantees, officials said.

...

Guys, if Oakland of all places can do it, so can downtown Jacksonville.

Other quotes from the article:

The city has 15,000 residential units in the pipeline, a downtown-specific plan getting underway, big affordable housing decisions to make, and a host of city-owned sites up for development. Developers say the move makes a lot of that development – including affordable housing requirements tied to it – more financially viable.

Riaz Taplin, a developer who recently announced he will build a couple apartment projects in East Oakland, said he got three text messages from his biggest institutional investors when the Uber news hit Tuesday night.

"It's such a stamp of approval – the same as a rating agency saying a bond is investment grade. Uber just said Oakland is investment grade. It's no different," he said.

Other developments recently proposed or underway in Downtown Oakland by bigger capital include:

345 units by Seth Hermalian in downtown

source: http://www.socketsite.com/archives/2015/08/33-story-oakland-tower-slated-for-approval.html

298 units by UDR in downtown

source: http://www.socketsite.com/archives/2015/07/controversial-oakland-tower-deal-could-be-illegal.html

206 units by Gerding Edlin in downtown

source: http://www.socketsite.com/archives/2015/08/refined-designs-and-timing-for-206-unit-oakland-tower.html

source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/05/oakland-housing-tower-gerding-edlen-perkins-will.html

223 units by Lakeshore Partners in downtown

source: http://www.socketsite.com/archives/2015/03/plans-for-24-story-oakland-tower-with-223-apartments.html

330 units by Carmel Partners in Jack London Square


source: http://www.socketsite.com/archives/2015/09/refined-designs-and-moniker-for-330-unit-oakland-development.html

Really the list goes on and on.  Oakland hit < 10% office vacancy for the first time since 2008 this past year and it's now around 7% vacant, which is extraordinarily low.  There are a couple of office tower proposals that will come to fruition if having a large Uber office in Oakland translates to additional high brow tech firms locating offices there:

renderings and info at each site:

600K sf in 23 floors by Shorenstein
http://shorenstein.com/portfolio/investments/property?id=2795

310K sf in 20 floors by SKS
http://1100broadway.com/pdf/factsheet.pdf



Yes, Jax doesn't have spillover from a larger, booming city.  But some of the issues that Oakland has are a lot worse than the issues Jax has.  Oakland's whole quality of life is questioned daily, and it truly truly is a dangerous city.  Honestly, not really sure all that much what Oakland is "doing" to get this kind of investment, but it begs the question and is worth looking int

Yes Simms, I agree, "if Oakland can do it then Jax can as well," but I would add to that, "if we have leaders that are visioned, motivated, and also know how to manage our finances and pocketbook so that we have money set aside for such developments that are interested in building in Jax, and/or who want to relocate or invest in Jacksonville. I think we need to really pay attention and investigate into what Oakland is doing, or not doing, or what is drawing these developments, investments, and business to their city.

[thelakelander]

Kind of reminds me of Jacksonville 7 to 8 years ago before the 2008 economic crash and downturn; we had a lot of developmental projects, both business and residential, proposed or nearing approval downtown. I don't know whether Oakland's leaders are pursuing these interests and developments or its just luck, but I know that Jax can achieve the same.

We still have a lot on paper (http://www.metrojacksonville.com/article/2015-aug-urban-jax-development-project-construction-list ). Our challenge is to get them off paper and into reality...

[Adam White]

I think Jax could do it, too - if it were located in the SF Bay area. That gives Oakland a bit of a leg up. I'm not saying Jax couldn't do better - I honestly think it could - but this isn't a very fair comparison. 

[heights unknown]

Kind of reminds me of Jacksonville 7 to 8 years ago before the 2008 economic crash and downturn; we had a lot of developmental projects, both business and residential, proposed or nearing approval downtown. I don't know whether Oakland's leaders are pursuing these interests and developments or its just luck, but I know that Jax can achieve the same.

We still have a lot on paper (http://www.metrojacksonville.com/article/2015-aug-urban-jax-development-project-construction-list ). Our challenge is to get them off paper and into reality...

You're right Lakelander, we have to get them OFF PAPER and to FRUITION AND REALITY. Can't do that though without the right people in positions of leadership to get off their ass and get the ball rolling to get them off of the paper and right in front of our eyes (reality); in essence, THEY NEED TO DO THEIR JOB!

[simms3]

Another interesting read came out today with more renderings and projects underway or proposed:
http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/09/mapping-oakland-housing-pipeline-14-000-uber.html

Great news for Oakland. Outside of dinner at Jack London Square and a drive through the city's streets to reach Redwoods Regional Park, I didn't get much of a chance to explore the city this summer but I came away believing it had potential. Regarding its skyline, it seemed pretty small for a city its size. Given the boom occurring in SF and Oakland having direct connectivity via BART, I'm not surprised to see some spillover starting to happen.

What issues do you believe that Oakland has to deal with that are more difficult to overcome than Jax?

Oakland doesn't have any 400+ footers in its skyline, so from that perspective it could look small.  But it's quite dense and contains about as much office space as Downtown, Midtown, or Buckhead Atlanta (~15-17 million sf depending on range, 12 million of that in privately owned/leased buildings).  Most downtown and surrounding neighborhoods have a residential density of 20-40K ppsm, which is at its bottom end the peak measured for Midtown Atlanta during 2010 Census.  I only reference Atlanta because it's a good reference point for people in Jax/South.

I agree, it "seems small", but in fact it's not as small as it may appear.

Oakland has far far far worse crime, and issues stemming from activist politics and incompetent city leaders.  One could argue that leadership in Oakland is even worse than it is in Jax, and crime is undoubtedly magnitudes worse, not to mention that while San Francisco voters and populace are activist and sometimes crazy, the voters in Oakland/Berkeley are probably the most extreme and difficult to please/deal with in the entire country, probably by a long shot and it wouldn't even be close.

The "issues" in Oakland are too numerous to even list out.  Most companies/investors are spooked and blacklist Oakland and much of the East Bay, so to see this turning point with residential projects and the Uber announcement is huge.

Kind of reminds me of Jacksonville 7 to 8 years ago before the 2008 economic crash and downturn; we had a lot of developmental projects, both business and residential, proposed or nearing approval downtown. I don't know whether Oakland's leaders are pursuing these interests and developments or its just luck, but I know that Jax can achieve the same.

Oakland's leaders are pursuing these for sure.  They need the tax base and they want the city to turn a corner in the spotlight (i.e. go from constant national bad spotlight to blend in, or maybe even positive spotlight).

Yes Simms, I agree, "if Oakland can do it then Jax can as well," but I would add to that, "if we have leaders that are visioned, motivated, and also know how to manage our finances and pocketbook so that we have money set aside for such developments that are interested in building in Jax, and/or who want to relocate or invest in Jacksonville. I think we need to really pay attention and investigate into what Oakland is doing, or not doing, or what is drawing these developments, investments, and business to their city.

Oakland's leaders are equally bad at balancing the books and while they may be more engaged in projects such as these, there are a host of incompetent people in that town that muck things up.  Almost better if they were not engaged, sometimes.

I think Jax could do it, too - if it were located in the SF Bay area. That gives Oakland a bit of a leg up. I'm not saying Jax couldn't do better - I honestly think it could - but this isn't a very fair comparison. 

That's a cheap shot.  Nashville, Charlotte, Orlando, and other towns aren't in the shadow of a city like San Francisco.  And for what it's worth, being in another city's shadow comes with good and bad.  I'll agree, though, that the Bay Area economy is on fire, and that certainly helps Oakland, but it still needs to overcome a ton of issues for it to actually benefit/capture value-add from this economic wave of fortune.  It doesn't just happen without any work or corrections involved.

[simms3]

Just had coffee with a buddy who has gone off on his own from working for an institutional developer for a long time, and he is originally from New York City and couldn't help but call Uptown Oakland the "Williamsburg of the West Coast" multiple times this morning when describing a deal he has put together that is underway in that area.  He says apartment rents have gone up 14-15% annualized for the past 10+ months in all of Oakland, leading the nation, and in areas like Uptown they have gone up 20-40% due to lack of supply and overwhelming demand.

While before BART's limited nighttime service (not 24 hour) was a threat to Oakland's viability, Uber Pool and Lyft Line have largely solved that problem, allowing people to cross the Bay Bridge for a reasonable price.  In his words over 200 new storefronts have opened Uptown and along Telegraph in the past 3-4 years.  He predicts office rents could hit $45-50 by next year, and all of the current apartment proposals above are no longer proposals as most have broken ground and the remainder are all backed by institutional capital from the likes of Blackstone, funds run by some of the major banks, etc.

The mayor (newly elected by the way) apparently calls tech companies up all the time to ask when they're going to move to or expand to Oakland.  My buddy said that his buddy at Gap says the mayor even calls them.  She has apparently hired a small army of new staffers with competency to improve the entitlement process and speed the process up, which now in some cases can take as little as 3 months (the same process would take at least 15 months in SF).

Still a lot of kinks to work out, but he described a whole culture that has kind of been there, but has grown and really helped to curate a certain good Bay Area vibe/feel for the area.  There are two major event/music venues, the Fox and the Paramount (each are vastly bigger and older and more established than Jacksonville's own Florida Theater), Lake Merritt as a beautiful urban city park around a well kempt lake, plus you have the neighborhoods stretching towards Berkeley and Berkeley itself.  No height limits to contend with and in his mind, a less hectic political environment than in San Francisco, though that's not what it looks like from my perspective watching there from afar and living in the city (SF).

The overriding theme in his mind is that Oakland has officially turned a corner, and he says to watch out for a couple more big announcements on the office front coming soon.

So if you asked me, based on what I heard this morning (we really just caught up to discuss something I did for the first time this year and he does every year in September, among other things, and then real estate came up) Oakland's leaders are indeed more proactive than Jacksonville's to get things done there, and that could be the big difference.  Sounds like Libby Schaaf, the new mayor, is very gung ho about tapping into the Bay Area's economic boon and bringing some of the results to the town she now oversees.  By the way, this mayor does not have a pedigree, so to speak, really all that much politically, in business, or in money.

https://en.wikipedia.org/wiki/Libby_Schaaf

Thought I would provide an update.  It will be interesting to watch Oakland, and I definitely think there are going to be plenty of lessons learned from yet another city for Jacksonville to follow.

[Adam White]

I think Jax could do it, too - if it were located in the SF Bay area. That gives Oakland a bit of a leg up. I'm not saying Jax couldn't do better - I honestly think it could - but this isn't a very fair comparison. 

That's a cheap shot.  Nashville, Charlotte, Orlando, and other towns aren't in the shadow of a city like San Francisco.  And for what it's worth, being in another city's shadow comes with good and bad.  I'll agree, though, that the Bay Area economy is on fire, and that certainly helps Oakland, but it still needs to overcome a ton of issues for it to actually benefit/capture value-add from this economic wave of fortune.  It doesn't just happen without any work or corrections involved.

I don't understand how that's a cheap shot. The bay area is thriving and is the home of (or one of the homes of) the USA's technology industries as well as a major port, home of lots of big deal companies, etc. The economy of the region is larger that of most countries. It only goes to figure that less salubrious areas in close proximity to the expensive and in-demand areas will benefit. It certainly has happened where I live.

Jax doesn't have that. If Jax was a suburb of Miami or Atlanta, then maybe it would reap some benefits of that nature. But whereas Oakland can ride the coat tails of its more desirable and prosperous neighbors, Jax has to go it alone and do it itself.

Edit: I realize that Charlotte, etc aren't in the shadow of a more prosperous neighbor. But they didn't land Google.

[simms3]

Article from today that's quite relative with details on programs that Oakland is looking to implement to solve housing and other issues affecting the city.  Reading the specifics gives insight into how Oakland's leaders are thinking about tackling the issues and what it is they are doing and how they are going about doing them.

http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/10/oakland-housing-crisis-city-council-policy.html

Also has a fairly recent overhead aerial of Oakland with SF in the background to show the size/scope of the area.  Oakland may "seem small" at quick glance because no buildings exceed 30 stories, but in looking at the aerial, one can quickly see that it is actually one of the densest and most built up cities in the country and it's downtown is definitely not small from a footprint perspective.  It's vastly larger than Jacksonville, for instance, and you won't find the apparent surface lots that one does in the South.

[simms3]

I think Jax could do it, too - if it were located in the SF Bay area. That gives Oakland a bit of a leg up. I'm not saying Jax couldn't do better - I honestly think it could - but this isn't a very fair comparison. 

That's a cheap shot.  Nashville, Charlotte, Orlando, and other towns aren't in the shadow of a city like San Francisco.  And for what it's worth, being in another city's shadow comes with good and bad.  I'll agree, though, that the Bay Area economy is on fire, and that certainly helps Oakland, but it still needs to overcome a ton of issues for it to actually benefit/capture value-add from this economic wave of fortune.  It doesn't just happen without any work or corrections involved.

I don't understand how that's a cheap shot. The bay area is thriving and is the home of (or one of the homes of) the USA's technology industries as well as a major port, home of lots of big deal companies, etc. The economy of the region is larger that of most countries. It only goes to figure that less salubrious areas in close proximity to the expensive and in-demand areas will benefit. It certainly has happened where I live.

Jax doesn't have that. If Jax was a suburb of Miami or Atlanta, then maybe it would reap some benefits of that nature. But whereas Oakland can ride the coat tails of its more desirable and prosperous neighbors, Jax has to go it alone and do it itself.

Edit: I realize that Charlotte, etc aren't in the shadow of a more prosperous neighbor. But they didn't land Google.

Put it this way...Oakland has sat out no less than 3 boom tech cycles without benefiting, despite having the features you described further up (transit, vistas like SF for executive housing, and geographic convenience).  I wouldn't say that Oakland is necessarily "riding coat tails" to see benefit from such regional booms for the first time, really ever, as it is just now seeing this go around.  It has done something or is doing something *on its own* that is allowing it to benefit for the first time when before it never really did.

And your view on Charlotte is contradictory and makes no sense.  Charlotte actually took Bank of America from San Francisco.  That's definitely a Google equivalent of the financial sector.  Not to mention Charlotte has had solid leadership and done many things right on its own to get to where it is today.  But we are talking geography.  Given traffic and topography, Google's offices in Mountain View, CA may as well be as far away from Uptown Oakland as Charlotte is from Atlanta, GA.  For all intents and purposes, Charlotte is a burgeoning city in relative geographic isolation doing just fine for itself.  It's an example for Jax in the way I was making it, similar to Austin, Raleigh, Nashville, Orlando, etc.

One can say Jax benefits from being in a warm weather no-state-income-tax state that is the 3rd largest by population in the country.  2 hours from Orlando, 3 from Tampa, 5 from Miami, 6 from Atlanta, with convenience to cultural/historic touristy cities such as Savannah and Charleston just 2-3 hours up the road and St. Augustine 30 minutes south.  I'd say Jacksonville has many nearby cities and sits in a region that gives it plenty of its own coattails to ride.

So, I contend to say that Oakland is purely riding coattails and much or most of what is happening there has nothing to do with Oakland itself or its leadership and much or mostly to do with who it sits by is a cheap shot.

[Adam White]

Part of the reason (or likely the reason) BoA went to Charlotte was because it was purchased by Nations Bank, which was based in Charlotte. It didn't just pick up and move there because it was an attractive location.

I think I preferred you when you were all about Atlanta. Any possiblity you can break out some of your old material? I'm feeling a bit nostalgic.

Edit: sorry, that was mean. Also, perhaps saying Oakland is riding SF's coat tails is a bit harsh - but I think Oakland has clearly benefitted from its neighbors. And in this case, Uber certainly chose Oakland (in part) due to its location.

Additional edit: the other big reason was probably cost considerations.

[simms3]

^^^Huh?  "Preferred me when I was all about Atlanta"?  I actually have one post/thread to my name about Oakland and don't know much about it.  But it's been in the news a lot and I just happened to have coffee with a buddy doing some stuff there this morning (and like I said, we met to discuss Burning Man frankly and Oakland/real estate simply came up).  I wouldn't call myself a homer for a place I don't even live in, have never even mentioned in breath on this forum until this week, and outwardly state that I don't know much about but clearly it's a city worth looking into to see what it is they're doing over there given all that is now happening.

If there is any city that is a red-headed stepchild, it is Oakland.  It's constantly in the national news like Ferguson is in the national news, and it scares companies and people almost like no other.  It sat out the 2003-2007 boom.  It sat out the Dot Com boom.  It had all the same things then that it has now, but only now (and there is a brand new mayor less than 12 months in office I should point out) is it seeing all of this new investment and revitalization.  You think it's just riding coat tails?  Sure, it has a higher chance of benefiting from a Bay Area boom than some city not in the Bay Area, but it hasn't really previously.  Why now?

I get your point about Nationsbank, but keep in mind the whole corporate office almost relocated to Chicago for neutrality, but it did end up going to Charlotte.  If you know anything about Charlotte, then you know leadership in that city has consistently been quite strong and people have made appropriate decisions to get that city to where it is today.  What have they done that Jax hasn't?  What is Oakland doing now that it hasn't before and what is it doing that Jax isn't?  Nothing wrong with asking these questions or pointing things out to get Oakland on the radar of readers of this forum that like to monitor other cities/development.