Monday, November 19, 2012

Oakland's Economy Continues to Heat Up

Oakland continues to be a hotbed of economic activity. The city thrived even in the years after the severe downturn of 2008, when Oakland seemed immune to the terrible national economy. In those years, dozens of new restaurants and bars opened downtown and elsewhere around the city. Now, as the economy continues to show signs of life, new housing and office buildings are planned -- showing how Oakland's economy continues to heat up along with it.

Blanca Torres of the San Francisco Business Times recently reported that developer Seth Hamalian is buying land in Oakland's revitalized Uptown district, where he has plans to build a 28-story housing tower. Hamalian said: "I grew up in Oakland, so I've always been really passionate about its future as a fabulous city."

The tower would be just the latest housing in Uptown's hotter-than-hot neighborhood. As Torres reports:

The site is also a couple of blocks from recent developments including Forest City's 665-unit Uptown apartments, Essex Property Trust’s 104-unit 100 Grand, Signature Development Group’s retail and 132 units of housing at Broadway Grand and Canyon Johnson’s 88-unit Uptown Place, a condo development now selling units.

In the meantime, Uptown keeps creating new bars and restaurants. Fauna opened up last month next to Flora along Telegraph Ave. A few blocks away, Hopscotch opened to rave reviews a few months ago. Other eateries and taverns keep popping up all over town. In Old Oakland, Borgo Italia, a new trattoria, opened at the corner of 9th St. and Washington -- joining the nearby Mexican  eatery, Cosecha Cafe. Also in Old Oakland, Miss Ollie's is getting close to opening, and so is Rosamunde, which has locations in San Francisco and Brooklyn.  

Couple these new developments with the tens of thousands of people who attend Art Murmur each First Friday of the month and you have a thriving arts, food, nightlife and entertainment scene in Oakland. It's a great city that is just getting even better. 

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