New Market Tax Credit Program
Oakland School of the Arts
Oakland, CA
$11,000,000
www.oakarts.org
In a community plagued by an unemployment rate 1.5 times the
national average, the Oakland School of the Arts (OSA) renovation
of Oakland's historic Fox Theatre represents a significant
milestone in mixed-use neighborhood revitalization.
In collaboration with the Bank of America's Community
Development Corporation, the City of Oakland Redevelopment Agency
and The National Trust for Historic Preservation, the project
revived this landmark for both community and school use. The entire
$65 million project "twinned" historic tax credits for the
renovation of the Fox Theatre and CSDC's NMTCs for development of
the school facility.
The reopened 3,800 seat Fox Theatre and ground floor restaurant
became the anchor for revitalization of the City's entertainment
district, and the 500-seat OSA performance space provide an
excellent example of synergistic community redevelopment. Prior to
CSDC's involvement, OSA was operating out of modular buildings
behind the Fox Theatre, which had been condemned as
uninhabitable.
