Oakland Mayor Sheng Thao believes the sale of the Coliseum will be the catalyst for the future development of the blighted Hegenberger corridor.
Oakland announced the city has reached a purchase-and-sale agreement to transfer its share of the Coliseum to the African American Sports and Entertainment Group for $105 million.At a news conference on Tuesday, Mayor Sheng Thao said the sale represented a huge investment in East Oakland , which will boost much-needed economic development in the area."We demand to see a better, a stronger, a more prosperous Oakland , and these are the seeds that we are planting today," Thao said.
There are many abandoned storefronts, some riddled with graffiti along this strip of street. "I think that this is the catalyst to really drive that development on the Hegenberger corridor," Thao told KTVU. "I mean, this is the most developable land in California. Once we start developing, that whole corridor changes. And it changes in a great way where we can actually receive all of those tax revenues into our general fund and pay for more officers.
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