The Anaheim City Council moved ahead with the sale of the 153-acre Angel Stadium site to an investment group led by Angels owner Arne Moreno, priced at $150 million in cash and $170 million in community benefits.
Originally the transaction was valued at $325 million, but $5 million was taken out of the deal because the city is retaining land for a fire station. The $320 million deal has been criticized for being negotiated in private, but it does meet city goals for including affordable housing as part of the mix–the $170 million in community benefits is a big part 0f the deal–and it keeps the Angels in town.
One big issue still to determined: whether Angel Stadium will be renovated or whether a new ballpark will be dealt next door. The deal voted on by the city council allows for both possibilities. A second vote is expected in October.
Moreno’s development firm, SRB Management, has proposed a mixed-use development plan like the one employed at SunTrust Park and The Battery, including 1.1 million square feet of retail and bars/restaurants, apartments (including 466 units of affordable) and housing, 5,175 residential units, 2.7 million square feet of office space, 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.
The city also worked out a separate deal with the Angels to stay in Anaheim for at least 3o years. That agreement is contingent on this deal happening.
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