Angels tell Anaheim they're opting out of their lease on Angel Stadium

Darkbeer1

Darkbeer1

Well-Known Member
www.ocregister.com

Angel Stadium sale to net Anaheim $150 million, commitment of 466 affordable homes, 7-acre park

When the city agreed in December to sell the 150-acre stadium property for $325 million, officials asked for a number of benefits to be negotiated with buyer SRB Management, Angels owner Arte Moren…
www.ocregister.com www.ocregister.com

>>Anaheim may end up banking less than half the initial $325 million sales price for Angel Stadium, after subtracting the value of community benefits the city asked for, including 466 affordable housing units and a 7-acre “flagship city park.”

When the city agreed in December to sell the 150-acre stadium property, officials asked for a number of benefits to be negotiated with buyer SRB Management, Angels owner Arte Moreno’s business partnership. The resulting agreement, which was publicly released Friday, Sept. 4, would lock in housing for low- and very low-income residents and create a showcase park at a combined cost of $170 million, reducing the city’s final cash return on the sale to $150 million. The developer would build and maintain the housing and park for the city.

Also, the original price and size of the parcel being sold shrunk slightly, minus about $5 million and roughly 3 acres, after the city decided to reserve land containing a water well and space for a future fire station.<<

>>Anaheim spokesman Mike Lyster said city leaders who negotiated the agreement believe it’s a good deal because it guarantees a significant amount of high-quality affordable housing that is otherwise hard to get built, and it adds a premium park to the Platinum Triangle, an area expected to eventually be home to 30,000 residents.

“We think it’s worth it,” Lyster said. While it’s not required of developers, “we have to provide affordable housing. We think we’ve done a great job in our city, but there’s none in the Platinum Triangle.”

SRB Management would also agree to make 15% of remaining housing units affordable at no extra cost to the city. Lyster said that comes to another 311 units, mostly for moderate-income families. And all the project’s affordable housing will be mixed in with other units.<<


The Big A | Anaheim, CA - Official Website

It's Anaheim house. The Big A, as Angel Stadium of Anaheim is affectionately known, has been home to baseball in our city for more than 50 years, including some of the sport's historic moments. There's also been great concerts and events. Now we're thinking about the next 50-plus years of the Big A.
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Darkbeer1

Darkbeer1

Well-Known Member
So, if we do the math, we are getting 466 new housing units in the city of Anaheim's Affordable Housing inventory at about $265,000 each (apartments, plus another 311 units for sale at the "affordable" price range at the time they are placed for sale.

So 777 new affordable units to help meet the requirement of the goals that Sacramento for the city.

Plus it addresses Dr. Moreno's constant demand for more new housing. (another 40 or so Apartment units are coming to the "South of Lincoln" project that is at Beach and Lincoln).


>>On Friday, the city hailed the deal. The city had no power to compel Moreno’s company to include affordable housing or a major park within the development, Anaheim spokesman Mike Lyster said.

“This is meant to be an iconic park for an iconic part of the city,” Lyster said.

Councilman Jose Moreno, who voted against the deal in December, said he was gratified for the inclusion of affordable housing and said the subsidy of $265,000 per unit is in line with local market trends.

However, he said he was troubled that agreement allows the affordable housing to be built over 15 years when it is urgently needed now. He also said the city should require developers to build affordable housing and parks as a condition of approval, without a subsidy.

"The city is losing $175 million," he said.<<
 
Phroobar

Phroobar

Well-Known Member
denyuntilcaught said:
Please correct me if I'm misinterpreting the news, but $175M less than anticipated AND a decade and a half to build?!
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2028 is only 8 years. It took Disney 4 years to build Galaxy's Edge. They have to keep the old stadium running while the new one gets built. Then knock down the old one and build the entertainment/housing area. 8 years sounds right.
 
Darkbeer1

Darkbeer1

Well-Known Member
The deal was reduced by $5 million, to keep 2.5 Acres for a Fire Station and Water Well.

The deal always stated IF the city wanted community benefits, it would come out of the sale proceeds. Aka, the land was valued at $320 Million, at the high end of the appraisal. and that what was what SRB was willing to pay, Not $320M plus blackmail.

The city decided it needed 477 Affordable housing units, and came up with about $250,000 each to build, which SRB will do.

Also a 7 Acre Premium park, that will be built, operated and maintained by SRB, saving the city million(s) a year in operating costs.

As for why it will take so long, the big issue is parking. A minimum of 12,500 parking spaces must be available for stadium use.

So that means the first thing that has to be built is new Parking Structures, along with new roadways, while keeping the rest of the parking available for not just the Stadium, but for ARTIC and the Honda Center. After ocV!be is open, the Angels could borrow some of those spaces.

If the Angels also opt for a new stadium, that structure has to be built prior to tearing down the old one.

Then you can start the remediation of all the old parking lot surface.

Finally, you have the ability to build the new housing, commercial and retail.
 
Jiggsawpuzzle35

Jiggsawpuzzle35

Well-Known Member
Original Poster
Darkbeer1 said:
The deal was reduced by $5 million, to keep 2.5 Acres for a Fire Station and Water Well.

The deal always stated IF the city wanted community benefits, it would come out of the sale proceeds. Aka, the land was valued at $320 Million, at the high end of the appraisal. and that what was what SRB was willing to pay, Not $320M plus blackmail.

The city decided it needed 477 Affordable housing units, and came up with about $250,000 each to build, which SRB will do.

Also a 7 Acre Premium park, that will be built, operated and maintained by SRB, saving the city million(s) a year in operating costs.

As for why it will take so long, the big issue is parking. A minimum of 12,500 parking spaces must be available for stadium use.

So that means the first thing that has to be built is new Parking Structures, along with new roadways, while keeping the rest of the parking available for not just the Stadium, but for ARTIC and the Honda Center. After ocV!be is open, the Angels could borrow some of those spaces.

If the Angels also opt for a new stadium, that structure has to be built prior to tearing down the old one.

Then you can start the remediation of all the old parking lot surface.

Finally, you have the ability to build the new housing, commercial and retail.
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Give us a new ballpark Arte Moreno. You’ve screwed up the franchise by not letting your GM do his job and you stuck your nose in his business. We have no pitching and our minor league system is in the bottom 3rd of the league. It’s the least you can do.
 
Darkbeer1

Darkbeer1

Well-Known Member
el_super said:
Another example of bad Anaheim city leadership.
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Why, because the city is getting 777 Affordable housing units?

From the LAT... >>Councilman Jose Moreno, who voted against the deal in December, said he was gratified for the inclusion of affordable housing and said the subsidy of $265,000 per unit is in line with local market trends. <<

Because we are getting a 7 Acre premium park, plus 5.2 acres of city-required community park space, 11 acres of flexible open space

City revenue: projected net yearly property, sales and hotel tax revenue; by 2050 would be five times the $8 million seen each year from all of the Platinum Triangle o 2025: $6.6 million o 2030: $12.5 million o 2035: $25 million o 2040: $29.4 million o 2045: $33.5 million o 2050: $38.3 million

What are wrong with these things?

 
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el_super

el_super

Well-Known Member
Darkbeer1 said:
Why, because the city is getting 777 Affordable housing units?
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No, because the city is giving a generous discount to a baseball team, based on an empty threat to leave, at a time when fans can't even be in the stadium. A time when it is more clear than ever, that Anaheim has to diversify and stop funneling money and city resources into an industry that is highly in flux.

They have nine years to come up with a deal, but decided to rush this through so fast, we can't even be sure of the true market value of the land, because they refuse to put it on the market.

The end goal, may ne a noble one, but the way they have gone about this is beyond shady.
 
Darkbeer1

Darkbeer1

Well-Known Member
The City's Planning Commission just approved the CEQA and Master Plan documents, which now goes to the City Council on September 29th.
 
Darkbeer1

Darkbeer1

Well-Known Member
For decades, the Angels and Angel Stadium have been integral parts of Anaheim’s community and identity. These agreements are historic opportunities to keep our iconic team in Anaheim until at least 2050, while finally tapping the full economic potential of the stadium site.



The sale of the stadium site for fair market value will get the city out of the stadium business and bring in urgently needed revenue. The current stadium needs a hugely expensive renovation, or to be replaced by a new stadium. That decision – and the financial responsibility for it – will rest entirely on SRB Management.



SRB Management’s exciting vision will transform the stadium site:

5,175 residential units – 15% of which will be affordable.

2.7 million square feet of offices

million square feet of commercial space – retail, dining and entertainment

Two hotels with 943 rooms

A 7-acre flagship public park built and maintained by SRB Management

The city will net $150 million in cash payment for the site and $170 million in community benefits

Development of the stadium site will:

Generate $652 million in net tax revenues for the city during the next three decades

Construction of the project will create more than 30,000 construction jobs and $5 billion in economic activity.

At build-out, this exciting project will result in more than 45,000 new jobs and $7 billion in annual economic output.
 
Phroobar

Phroobar

Well-Known Member
Darkbeer1 said:
For decades, the Angels and Angel Stadium have been integral parts of Anaheim’s community and identity. These agreements are historic opportunities to keep our iconic team in Anaheim until at least 2050, while finally tapping the full economic potential of the stadium site.



The sale of the stadium site for fair market value will get the city out of the stadium business and bring in urgently needed revenue. The current stadium needs a hugely expensive renovation, or to be replaced by a new stadium. That decision – and the financial responsibility for it – will rest entirely on SRB Management.



SRB Management’s exciting vision will transform the stadium site:

5,175 residential units – 15% of which will be affordable.

2.7 million square feet of offices

million square feet of commercial space – retail, dining and entertainment

Two hotels with 943 rooms

A 7-acre flagship public park built and maintained by SRB Management

The city will net $150 million in cash payment for the site and $170 million in community benefits

Development of the stadium site will:

Generate $652 million in net tax revenues for the city during the next three decades

Construction of the project will create more than 30,000 construction jobs and $5 billion in economic activity.

At build-out, this exciting project will result in more than 45,000 new jobs and $7 billion in annual economic output.
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Question: why do we need 2.7 million square feet of offices if everyone works for home? Wouldn't corporations see the cost benefit from having employees work from home instead of renting office space? Also, who wants to live next to a freeway interchange? Is there really that many Angels fans that must live within walking distance of the stadium?
 
el_super

el_super

Well-Known Member
Darkbeer1 said:
million square feet of commercial space – retail, dining and entertainment

Two hotels with 943 rooms

A 7-acre flagship public park built and maintained by SRB Management

The city will net $150 million in cash payment for the site and $170 million in community benefits
Click to expand...

That assumes this whole project doesn't turn into Gardenwalk 2.0 and the city has to bail them out in a decade or so. I honestly can't imagine, even if this was 2019, and that city would need another retail/dining/entertainment venue with additional attached hotel space.

Sigh... those that don't learn from history are doomed to repeat it.
 

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