search

The Real Deal Logo

Trending

Musklandia: Tesla divorces gigafactory land from city of AustinMusklandia: Tesla divorces gigafactory land from city of AustinLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsHow $20M in South Side flips got fumbled into foreclosureHow $20M in South Side flips got fumbled into foreclosure
Politics
Los Angeles

Anaheim approves $150M land sale to Angels

Deal had been for $325M before team owner agreed to build housing, park

Arte Moreno and Angel Stadium of Anaheim (Credit: Larry Goren /Icon SMI/Icon Sport Media via Getty Images)
Arte Moreno and Angel Stadium of Anaheim (Credit: Larry Goren /Icon SMI/Icon Sport Media via Getty Images)

The Anaheim City Council on Wednesday agreed to sell 150 acres around Angels Stadium to Los Angeles Angels owner Arte Moreno for $150 million.

That’s $175 million less than the Council agreed on last December with Moreno’s company SRB Management.
The new price comes with a pact with SRB to build around 500 units of affordable housing and a seven-acre public park on the property, according to the L.A. Times. The Angels also agreed to waive $41 million that the team claimed it was owed by the city.

The 5-2 vote — with Jose Moreno and Denise Barnes dissenting — was cast at 1:30 a.m. after eight hours of debate. The agreement requires a second vote next week to finalize.

Sign Up for the undefined Newsletter

SRB Management unveiled its “Big A: 2050” plan over the summer. It would see 5,000 apartments and 3.8 million square feet of commercial space developed on the parking lots around Angels Stadium over the next 30 years.

The Council rejected a motion from Barnes to delay the vote until Anaheim residents could comment in person or virtually. Barnes also questioned why the city did not secure the right to buy back at current value any land that SRB might choose to sell in the future.
Kevin Kelley, an attorney representing the city, said that SRB might not have played ball with Anaheim if that had been made a condition.

SRB representative Alex Winsberg said that the company would not flip the property, but could add development partners in the future.

“SRB Management and Angels Baseball will be true and lasting partners to the city of Anaheim,” he promised. [LAT] — Dennis Lynch

Tags
Anaheim