{"id":439176,"date":"2026-08-21T07:31:37","date_gmt":"2026-08-21T07:31:37","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/439176\/"},"modified":"2026-08-21T07:31:37","modified_gmt":"2026-08-21T07:31:37","slug":"5-billion-coliseum-vision-puts-oakland-jobs-businesses-at-center","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/439176\/","title":{"rendered":"$5 Billion Coliseum Vision Puts Oakland Jobs, Businesses at Center"},"content":{"rendered":"

By Carla Thomas<\/p>\n

OAKLAND \u2013 A sweeping, multiphase redevelopment of the Oakland Coliseum site led by Ray Bobbitt, president of the African American Sports and Entertainment Group (AASEG), and businessman James \u201cJim\u201d Reynolds Jr., could eventually attract between $3 billion and $5 billion in investment.\n<\/p>\n

Reynolds said the first phase, estimated at $1 billion to $1.5 billion, could include housing, hotels, restaurants, entertainment venues, open space and opportunities for local small businesses.\n<\/p>\n

\u201cWe are going to transform the entire area with housing, hotels, with an infrastructure that benefits the community,\u201d Reynolds said.\n<\/p>\n

He also wants to attract major entertainment partners and position Oakland to compete with venues in San Francisco and San Jose. Reynolds said the city already possesses natural assets that other cities spend fortunes trying to create.\n<\/p>\n

\u201cOne of the most naturally beautiful cities I\u2019ve ever been to,\u201d he said. \u201cIn Oakland, if you do nothing, it\u2019s beautiful naturally: lakes, the mountains, the scenery, the open space, the weather.\u201d\n<\/p>\n

Reynolds\u2019 vision, however, extends beyond buildings and entertainment. He is also focused on which businesses receive contracts and which residents benefit from the jobs and economic opportunities the project creates.<\/p>\n

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Reynolds said Black and Brown contractors have historically lacked the bonding, insurance, equipment and staffing required to compete for large contracts because they were denied opportunities to expand.\n<\/p>\n

\u201cWhy would you build a big business when you know no one was going to hire you to do the job?\u201d Reynolds asked.\n<\/p>\n

He recalled working with longtime business partner Earvin \u201cMagic\u201d Johnson to encourage minority-owned firms to compete for larger contracts. About 1,000 businesses attended one outreach event after receiving assurances that opportunities to serve as prime contractors were real.\n<\/p>\n

Reynolds wants to bring the same approach to Oakland.\n<\/p>\n

\u201cI don\u2019t need goals and set-asides to figure out how to give Black companies a chance to be a prime,\u201d he said.\n<\/p>\n

He also wants Black businesses to move beyond seeking only small portions of projects or subcontracting roles.
\n\"AtAt SpringHill Suites by Marriott Oakland Airport, Post News Group Publisher Paul Cobb, OAACC President Cathy Adams, and Loop Capital President James \u201cJim\u201d Reynolds, Jr. Photo by Carla Thomas.\n<\/p>\n

\u201cWhen we run the concessions, we pick who has a concession,\u201d Reynolds said, citing partnerships involving Johnson, LL Cool J and Stephen A. Smith.\n<\/p>\n

The same principle should apply to construction, entrepreneurship and workforce development, he said.\n<\/p>\n

\u201cJob training and opportunities to have Blacks lead something like this matter,\u201d Reynolds said.\n<\/p>\n

Reynolds also wants young Oakland residents connected to the jobs and career pathways created by the redevelopment.\n<\/p>\n

\u201cThey\u2019re going to have jobs, job training, and opportunities to work,\u201d Reynolds said.\n<\/p>\n

He rejects assumptions that Black youth and Black-owned companies cannot manage major responsibilities.\n<\/p>\n

\u201cI\u2019m not going to sit here like others who have been in positions like this and doubt that Black people can do certain things,\u201d Reynolds said.\n<\/p>\n

For Reynolds and Bobbitt, the Coliseum redevelopment is an opportunity to create more than a replacement for the professional sports teams Oakland lost. Bobbitt contributes deep Oakland roots, community relationships and years of persistence, while Reynolds brings capital-market experience, global business relationships and a record of structuring enormous transactions.\n<\/p>\n

Together, they envision a destination that attracts visitors while creating jobs, businesses and ownership opportunities for Oakland residents.\n<\/p>\n

\u201cThank you, Jim, for believing in Oakland and investing,\u201d Bobbitt said.\n<\/p>\n

CEO of the Oakland African American Chamber of Commerce Cathy Adams, who wrote a letter of support for AASEG at a time when many doubted the feasibility of their goals, said the Coliseum area development plan will become the example of how Black-owned businesses and contractors can help close the disparity gap in Oakland.\n<\/p>\n

Next week, Part 2: Len Turner and local business owners can benefit.\n<\/p>\n

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