Summary

Preservation Park is a unique collection of sixteen Victorian homes in the heart of Oakland's downtown redevelopment area. The park acts as a "think tank" community for organizations that work to develop solutions to such urban challenges as health care, education and cultural participation. In addition, the park is open to the public and provides event space for weddings, corporate meetings, and community events.

When the Oakland Redevelopment Agency announced that they planned to sell Preservation Park, a for-profit developer made an offer that would have allowed substantial hikes in lease rates. At the urgent request of the tenants of Preservation Park, EBALDC purchased the property to permanently maintain it as an asset for use by nonprofit organizations and other community users. EBALDC financed the acquisition through a complex combination of charitable grants, foundation program related investments, and private capital leveraged using the New Markets Tax Credit program.

Type

Acquisition

Map

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