Oakland, CA - (Jun. 12, 2024) - In a momentous move, the City of Oakland has decided to sell its fifty-percent interest in the Coliseum Complex. This decision, the culmination of a decade of careful consideration and legislative efforts, paves the way for a new era in the complex's ownership structure. The City Council has unanimously authorized the negotiation and execution of a purchase sale agreement with the African American Sports and Entertainment Group (AASEG) for the City's undivided fifty-percent interest in real property at 7000 Coliseum Way, Oakland, CA.
The Coliseum Complex, situated on approximately 112 acres and featuring the Oakland Arena, the Coliseum, parking areas, and related structures, has posed operational and development challenges due to its unique ownership arrangement. The proposal to sell the City's interest in the Complex aims to change its ownership structure, streamlining event planning and paving the way for long-term development and revitalization efforts.
The proposed purchase and sale agreement is not just a transaction but a commitment to the community. It includes a purchase price of One Hundred Five Million Dollars ($105,000,000), with a requirement for a significant portion of any future residential units to be designated as affordable housing. Moreover, the agreement will bring a host of community benefits, such as labor agreements, local and small business contracting goals, workforce training and local employment provisions, public open space and parks, sustainable and green development standards, and anti-displacement and housing preservation policies.
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"The decision to move forward with the sale of the City's interest in the Coliseum Complex represents a significant milestone in our ongoing efforts to revitalize and redevelop the area," said Councilmember Rebecca Kaplan, the author of the ordinance. "This transaction holds the potential to unlock new opportunities for the site, including the construction of new and affordable housing, commercial spaces, and community-centered activations that will benefit our residents and the local economy."
The Sale of the City's interest in the Coliseum Complex aligns with the City's long-term vision for the site. This is outlined in the 2015 City of Oakland's Specific Planrecommendations and the 2019 opinion piece by Kaplan, published in The Oakland Post. In the opinion piece, Kaplan expressed the site's centralized location and the potential for mixed-use development to revitalize East Oakland and continue its growth with or without professional sports tenants.
The City's decision to move forward with the Sale of the City's 50% of the Coliseum benefits the community in multiple ways by maximizing economic, social, and cultural benefits for the community. Additionally, it will help the City improve our long-term fiscal stability by adding to our property tax base, which will protect and fund essential public services.
Link to the item: here
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