Alameda County supervisors approve selling its share of Oakland Coliseum
The city of Oakland approved the sale of its share of the property almost a year ago, but Alameda County needed additional time.
Once the sale closes, AASEG will pay $125 million to the city of Oakland and the same to Alameda County for their respective interest in the property in exchange for the entire site.
AASEG eventually wants to invest more than $5 billion into the redevelopment of the entire Coliseum site with entertainment, retail, restaurants, and housing. During the discussion ahead of the Board of Supervisors' vote, they noted they were excited to see the investment in the area.
A cheer erupted from the packed house at the Board of Supervisors meeting as the four supervisors in attendance voted unanimously to approve the sale. The meeting was standing room only, with two overflow rooms set up at the law library across the street.
AASEG founder, Ray Bobbitt, was met with hugs, handshakes and high-fives immediately after the vote.
"We have a lot of work to do and a lot of steps to take, but the most important thing for today, we're just excited this new step is here," said Bobbitt.
The discussions about what to do with the Coliseum have been going on since 2015, when the city of Oakland created the Coliseum Specific Area Plan, a blueprint for what the city and community groups want to see for the site.
"Our whole concept and approach has been really community-based, which I think is one of the reasons why people have been so supportive," says Bobbitt.
The plan includes 4,000 units of high-density housing, with a quarter of those slated for low-income residents.
"This is the biggest day of District 6 and District 7 and Oakland as a whole," exclaimed Oakland City Council member Ken Houston.
He represents the area around the Coliseum site and says that with all the professional sports teams leaving, the Hegenberger corridor has really suffered. He noted the number of hotels, restaurants and other businesses that have closed recently.
"We want to do like an LA Live area. We want to embrace that whole area, bring in jobs and make it a beautiful, world-class destination," said Houston.
The final development plans are still a ways off. While this was an important step forward, this wasn't the final step. The group still needs to complete the sale. which means getting through escrow and actually paying both the city and the county for the property. They have until June 30, 2026, to close the sale.
The city of Oakland has final approval over any redevelopment plans, and the city will require engagement with community groups during that process.
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