In a move that surprised no one, Los Angeles Angels owner Arte Moreno has asked for 30 more days to present a plan for the redevelopment of the Angel Stadium site with either a new ballpark or a renovation job.
In December, the Anaheim City Council approved the broad outlines of a deal to sell 153 acres–including Angel Stadium and its surrounding parking lots, as well as the City National Grove of Anaheim theater–to SRB Management Co. LLC, where Moreno is the controlling partner. The deadline for Moreno to present an initial development plan was May 30 under the terms of this agreement. Moreno’s request to extend the deadline to June 29 doesn’t appear to be too controversial and doesn’t require City Council approval, as a hard date of Sept. 30 for Moreno to commit to a plan remains in place.
Submitting a development plan to the city is merely the first step in a longer process that will also placed a fixed price for the ballpark site. Moreno and his investors expected to pursue a mixed-use development concept that emulates models such as The Battery Atlanta. Additionally, the Angels would agree to remain in Anaheim through 2050 (with five five-year options), playing at either a new or renovated ballpark that would anchor the development. There are variables on what SRB Management could pay for the site; including more parkland, for instance, could decrease the price.
As many of you have undoubtedly noticed, the business world is moving a lot more slowly than normal. Between companies transitioning to work-from-home arrangements to general uncertainty in the markets and banking sectors to the many financial issues surrounding the 2020 season and potentially the 2021 season, and you can understand the reasoning behind the delay. Big projects take big time.
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