For him, that price was an absolute steal. I know what you’re thinking. How in the world is $150 million a steal? Well, back in December, the Anaheim City Council agreed to sell Angel Stadium and the surrounding parking lots for $325 million. The deal was done, but the city said the structure was subject to change.
Moreno got the cheap price because he agreed to include close to 500 units of affordable housing and a seven-acre park within the small city to rise on the 150-acre stadium property, the city agreed to accept less than half the purchase price in cash.
According to the LA Times article, the city said it valued the housing and parkland at $170 million and described the amount as a development credit, not a discount. If Moreno’s company does not deliver the housing and parkland on schedule, it must refund the city for the credited amounts.
Here is a statement from Mayor Sidhu.
Here is some of the concept art from the Orange County Register.
Per the OC Register:
Along with enhancing the fan experience, whether with a new or renovated Angel Stadium, the vision for the 150-acre stadium property is a menu of dining options, a community of homes and parks, places for people to work and hotels looking down over the outfield. The plan also calls for opening up the stadium’s outfield – removing the rock feature – to let people stroll out to a fan experience area. Details include:
5,175 units of housing to the south and west of the stadium
The urban park
2.7 million square feet of office space to the north and south of the stadium
Two hotels with 943 rooms combined
1.1 million square feet of dining, shopping and entertainment
Parking structures will replace the thousands of stalls lost to the development.
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