Loop Capital's Jim Reynolds Talks Oakland Coliseum Deal But Many Don't Know He's A Friend Of Obama
Loop Capital's Jim Reynolds Talks Oakland Coliseum Deal But Many Don't Know He's A Friend Of Obama Loop Capital (called that because of its headquarters in Downtown Chicago, which is called "The Chicago Loop" after the famed elevated transit railroad. But Loop Capital's Founder Jim Reynolds was not in Oakland to talk about Chicago, he was being interviewed by the San Francisco Business Times about the Oakland Coliseum Deal done with Ray Bobbitt, the Founder of The African American Sports and Entertainment Group. Here's some highlights from the interview with SFBT Reporter Hannah Kanik. Story Highlights Loop Capital CEO Jim Reynolds says his group will turn Coliseum site into "a transformative project for Oakland." The Oakland Acquisition Company plans 6,500 to 7,000 housing units with 25% affordable housing. Entertainment, hotel and retail development also planned, and "we're going to do a sports team," Reynolds said. Jim Reynolds said of the $7 trillion in deals his firm has worked on, the Oakland Coliseum property has been the most complicated transaction by far — but he's confident that it's nearing the finish line. Reynolds' firm, Chicago-based Loop Capital, is bringing the core financing for the acquisition and eventual development of the Coliseum property, working with the Oakland-based African American Sports Entertainment Group, helmed by Ray Bobbitt. Together, the group calls itself the Oakland Acquisition Company, and Reynolds believes it has the ability and funding to reimagine the former home of the A's and Raiders. “This is truly going to be a transformative project for Oakland. I'm committed to that,” Reynolds said. “The whole Oakland Acquisition Company is committed to making sure that the citizens of Oakland participate in everything here.” The group wants to redevelop the property into a "city within the city" that can revitalize East Oakland with entertainment, housing and retail. After five years, and five different mayors, the group reached a new, revised agreement with the city to buy its half of the complex, which Reynolds called a key milestone in the process that he’s confident will be followed by a deal with the county by the end of the year. Whenever you do a major real estate development like this, particularly where it's a multibillion-dollar development and a multi-phasing development, you try to minimize the risk as best that you can because you're going to be over a long period of time. It is very common for multiphase developments like this to pay for the structures as you develop them. What’s the vision for the site? What are you hoping to build? The first phase is going to be a significant amount of development around the arena. We're fortunate enough to have the No. 1 venue creator in the world partnering with us here in Oakland, and the city and county is very excited about [Oak View Group] coming in with Live Nation And we're going to do a sports team. That's one thing they've asked about. We'll replace that Coliseum with something more suitable. We're assuming we're not going to get another professional team, not a professional baseball or football or basketball, but something that's more suitable in a smaller facility, like soccer. Cricket's popular out here. So it's going to be a mecca for folks to come. Do you have a number of housing units you’re planning on building at this point? I think we have somewhere around 6,500 to 7,000 units. We’ll be able to have a solid mixture of types of housing there. Where are you at in the process today? Well, there's several moving pieces. You know, we've signed our definitive agreement with the city. We now are moving towards getting a definitive agreement with the county. We have to bring these together to actually close the whole deal. We want to try to get there by the end of the year. That's the goal. We're going to be engaging in discussions with the county now. They've given us every indication that once we have the agreement in place with the city, the terms should largely be similar. So it's our expectation that it should move expeditiously. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://ift.tt/oQS4qUm
via YouTube https://www.youtube.com/watch?v=hnXeeNOeb60
Loop Capital's Jim Reynolds Talks Oakland Coliseum Deal But Many Don't Know He's A Friend Of Obama Loop Capital (called that because of its headquarters in Downtown Chicago, which is called "The Chicago Loop" after the famed elevated transit railroad. But Loop Capital's Founder Jim Reynolds was not in Oakland to talk about Chicago, he was being interviewed by the San Francisco Business Times about the Oakland Coliseum Deal done with Ray Bobbitt, the Founder of The African American Sports and Entertainment Group. Here's some highlights from the interview with SFBT Reporter Hannah Kanik. Story Highlights Loop Capital CEO Jim Reynolds says his group will turn Coliseum site into "a transformative project for Oakland." The Oakland Acquisition Company plans 6,500 to 7,000 housing units with 25% affordable housing. Entertainment, hotel and retail development also planned, and "we're going to do a sports team," Reynolds said. Jim Reynolds said of the $7 trillion in deals his firm has worked on, the Oakland Coliseum property has been the most complicated transaction by far — but he's confident that it's nearing the finish line. Reynolds' firm, Chicago-based Loop Capital, is bringing the core financing for the acquisition and eventual development of the Coliseum property, working with the Oakland-based African American Sports Entertainment Group, helmed by Ray Bobbitt. Together, the group calls itself the Oakland Acquisition Company, and Reynolds believes it has the ability and funding to reimagine the former home of the A's and Raiders. “This is truly going to be a transformative project for Oakland. I'm committed to that,” Reynolds said. “The whole Oakland Acquisition Company is committed to making sure that the citizens of Oakland participate in everything here.” The group wants to redevelop the property into a "city within the city" that can revitalize East Oakland with entertainment, housing and retail. After five years, and five different mayors, the group reached a new, revised agreement with the city to buy its half of the complex, which Reynolds called a key milestone in the process that he’s confident will be followed by a deal with the county by the end of the year. Whenever you do a major real estate development like this, particularly where it's a multibillion-dollar development and a multi-phasing development, you try to minimize the risk as best that you can because you're going to be over a long period of time. It is very common for multiphase developments like this to pay for the structures as you develop them. What’s the vision for the site? What are you hoping to build? The first phase is going to be a significant amount of development around the arena. We're fortunate enough to have the No. 1 venue creator in the world partnering with us here in Oakland, and the city and county is very excited about [Oak View Group] coming in with Live Nation And we're going to do a sports team. That's one thing they've asked about. We'll replace that Coliseum with something more suitable. We're assuming we're not going to get another professional team, not a professional baseball or football or basketball, but something that's more suitable in a smaller facility, like soccer. Cricket's popular out here. So it's going to be a mecca for folks to come. Do you have a number of housing units you’re planning on building at this point? I think we have somewhere around 6,500 to 7,000 units. We’ll be able to have a solid mixture of types of housing there. Where are you at in the process today? Well, there's several moving pieces. You know, we've signed our definitive agreement with the city. We now are moving towards getting a definitive agreement with the county. We have to bring these together to actually close the whole deal. We want to try to get there by the end of the year. That's the goal. We're going to be engaging in discussions with the county now. They've given us every indication that once we have the agreement in place with the city, the terms should largely be similar. So it's our expectation that it should move expeditiously. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://ift.tt/oQS4qUm
via YouTube https://www.youtube.com/watch?v=hnXeeNOeb60
Comments