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The Port of Oakland is happy with letting vacant land stay vacant rather than sell it to real estate developers. Port of Oakland executive director Christopher Lytle is betting on a rebound in export shipping to fill up the space in the coming years.
A nine-month strike by port workers and bankruptcy by Ports America—its second-largest tenant—placed pressure on the Port of Oakland’s volumes in 2014, reports the San Francisco Chronicle. While revenues didn’t suffer, container traffic fell nearly 7%.
For now, Lytle does not want to sell the land to builders, instead hoping container traffic will pick up in the coming years.
The Port of Oakland has concentrated on developing areas such as Jack London Square into office and residential centers. [SFC]
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