Enterprise Zone program in California

Oakland_landscape

The social and commercial landscapes of Oakland have changed rapidly in the last ten years. This is due to both deliberate changes designed to encourage business growth, as well as unconscious changes in public perception.

The Enterprise Zone program was developed by the California State Legislature to stimulate business and employment growth in targeted areas.

The City of Oakland received an initial 15-year Enterprise Zone designation in 1993. The Zone was renewed in 2008. Oakland businesses in the Zone – from large manufacturing companies to small neighborhood restaurants – can reduce their state taxes by taking advantage of Enterprise Zone benefits.

“Oakland’s dining, arts and retail scenes have blown up in recent years, attracting more visitors to the city and earning it the title of coolest new kid in the country. Kelley Kahn, the city’s director of economic and workforce development, said Oakland “is ripe for hotel growth.”

Kahn argued that there’s enough developable land in the form of empty parking lots and buildings for new projects, as well as solid room and occupancy rates to justify financing. In fact, demand for hotel rooms grew by 6 percent over last year — the highest of anywhere in California.”

Renée Frojo

San Francisco Business Times

photo credit: nautical2k  photopin  cc
Advertisements

About BayApartmentAdvisor

Nick Myerhoff is a Bay Area apartment market specialist. He owns and operates his own multi-family real estate and assists clients and prospects with their purchases and exchanges of residential commercial real estate in the bay area.
This entry was posted in Market Conditions, Oakland Neighborhoods, Stories about Commercial Real Estate and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s