The Los Angeles Angels took another step toward the development of the 152 acres surrounding Angel Stadium with the filing of a plan with Anaheim officials — though there’s still no hint as to whether owner Arne Moreno wants to renovate the old ballpark or build a new one.
The plan came from Moreno’s development firm, SRB Management, with a mixed-use development plan like the one employed at SunTrust Park and The Battery, with retail, bars/restaurants, apartments, condos, hotel and services in the mix. the sale includes the 20-acre Angel Stadium site and an additional 133 acres comprising 12,500 parking spaces for games and events, City National Grove of Anaheim, a 1,700-seat theater.
What was filed by SRB Management didn’t differ too much to what was pitched to the City Council early this year, per the Orange County Register:
A few things in the proposed agreement were described in more detail or for the first time, including that the central “flagship” park will be 7 acres; and a total of 777 units of housing would meet affordability requirements, including 259 units for very low-income families and at least 207 units for low-income households, with the remainder for low- and moderate-income residents. The affordable homes would be mixed throughout the residential development and must meet affordability criteria for at least 55 years….
The overall development is projected to create 45,000 permanent jobs – plus 30,000 short-term construction jobs – and it’s expected to generate more than $38 million per year in revenue for the city at build out in 30 years. It also ends years of contention over the Angels’ lease and absolves the city of having to pay for maintenance or renovation of the 1966 stadium….
A minor tweak (removing about 2.5 acres for a fire station site and an existing water well) brought the initial price down to $320 million. From there, provisions of the development agreement would net the city $150 million in cash by crediting the developer for public benefits, including $123.7 million for the affordable housing (roughly $265,000 per unit) and $46.2 million for the flagship park.
The big thing as far as Anaheim is concerned: this adds affordable housing to an area that is sorely lacking affordable housing. The Anaheim economy is based on tourism (namely, Disneyland and its associated businesses) and government (the University of California, Irvine and Orange County are major employers), and neither sector is known for generating a slew of high-end jobs.
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