The City of Oakland has struck a deal to sell the city's share of the Oakland Coliseum property to a local Black development group for at least $105 million.
The Coliseum was home to the departing Oakland Athletics, which are temporarily moving to West Sacramento until its ballpark is built in Las Vegas.
The sale to the African American Sports & Entertainment Group will lead to the creation of a proposed sports and entertainment destination site and new affordable housing for East Oakland.
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"This agreement puts us on a path towards a more equitable and resilient Oakland," said Mayor Sheng Thao. "Collaborating with Ray Bobbitt and the AASEG team, we are determined to ensure that this project serves as a catalyst for positive change in historically underinvested areas."
The project will also include increased outdoor space and preserve the Oakland Arena as an entertainment hub for the East Bay region. AASEG has expressed a commitment to engaging with East Oakland residents to develop a strong community benefits agreement.
The City of Oakland entered into an exclusive negotiating agreement with AASEG in January 2023. The Oakland City Council must now pass an ordinance authorizing the City Administrator to sign a Purchase and Sale Agreement with AASEG.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
