In a significant milestone for the franchise, the San Francisco Giants have paid off their mortgage on AT&T Park.
Back in December, the Giants completed the last payment on their 20-year mortgage for the $170 loan on ballpark, which opened in 2000. The era in which AT&T Park has been active has been a remarkable era for the Giants–the team won three World Series titles between 2010 and 2014, and has made the playoffs seven times since AT&T Park opened.
The fact that the Giants annually receive robust fan support at AT&T Park has certainly helped the bottom line, and the ballpark continues to be widely regarded as one of the best in baseball. Giants CEO Larry Baer believes that even more opportunities are ahead, as the planned Mission Rock development across from AT&T Park could bolster the Giant in the future. More from the San Francisco Chronicle:
Revenues will further soar with the construction of the Mission Rock complex, a mixed-use development over 28 acres to be built on the site of parking lot A, across McCovey Cove from the ballpark. Baer said construction will begin next year and include several phases over seven to 10 years.
The plan, given the go-ahead on November’s ballot, is for 1,500 rental units (40 percent for low- and middle-income residents), shops, restaurants, office space, a brewery at Pier 48, a multistory parking structure and public parks. It’s basically a new neighborhood, owned and run by the Giants.
So, yes, they’ll be able to pay [Madison] Bumgarner and other top players market value. When, or if, attendance drops and sellouts aren’t the norm, the expectation is that Mission Rock will allow the Giants to generate enough revenue to keep the payroll near the top of baseball.
“It’ll definitely add to the strength of the Giants going forward,” Baer said.
Certainly, the fact that the final mortgage payment on the ballpark is now behind them gives the Giants an opportunity to celebrate. However, with the future including a new development outside the ballpark and interest in the franchise continuing to be strong, the Giants and AT&T Park have plenty to look forward in the coming years and decades.