LOS ANGELES-GlobeSt.com has learned from real estate attorney Tony Natsis of Allen Matkins that the sale of the Los Angeles Dodgers, 50-year-old Dodger Stadium, the 15 acres of land underneath the stadium and the 260 acres of parking surface adjacent to the stadium has closed. Natsis, who along with senior associate Crystal Lofing represented former Dodgers owner Frank McCourt in the real estate transactions, says Guggenheim Baseball Management has purchased the team, stadium and land for $2 billion and the parking area for $150 million in a separate transaction. GBM then sold the parking area back to a joint venture consisting of McCourt and GBM, allowing McCourt to have reasonable control over the parking for Dodger Stadium.
The joint venture will develop the parking area in two phases—a near-term development phase that includes properties that are synergistic with the stadium, and a long-term process that could include more retail, residential and hotel properties and span close to 50 years.
The parking area, known as Chavez Ravine, is so vast that it “can be seen from outer space,” Natsis tells GlobeSt.com. He adds that the only development in the foreseeable future will be those that add to the experience of visiting the historic ballpark, including restaurants and Dodgers-related retail. The joint venture will also explore building structured parking rather than just surface lots. “Eventually, in the long term, they will have other projects developed on those 260 acres that aren’t just there to enhance the fan experience.”
Before the lot renovations begin, Dodger Stadium will receive a much-publicized facelift. As GlobeSt.com previously reported, The Herrick-Hershiser Group, a partnership between baseball legend and former Dodger Orel Hershiser, Joey Herrick of Natural Balance Pet Foods and Aaron Sokol of Paratum Inc., is teaming with global information-technology and systems company LG CNS and the stadium’s new owners to turn iconic the stadium into a futuristic electronic showcase. The partnership has unveiled elaborate images to help illustrate how the 50-year-old stadium can be modified to reflect current electronic innovations. L.A.-based architect Brian Kite of Lynx Architecture has created the proposed designs.
After the facelift, the first phase of the lot renovations is expected to last up to 10 years, after which other projects will begin. “This is the last best developable piece of property in L.A. County,” Natsis tells GlobeSt.com.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
