Oakland has reached a tentative agreement to sell its portion of the Coliseum site for at least $105 million. The sale, made to locally based African American Sports & Entertainment Group (AASEG), marks the end of six decades of city involvement in the sprawling sports and entertainment complex. This deal could also help alleviate budget cuts as Oakland works towards closing a deficit of approximately $177 million.
The site, which includes the Oakland Arena, has become a popular venue for events such as concerts and Disney on Ice. AASEG plans to develop a mixed-use project worth $5 billion that will feature housing, restaurants, and even a convention center.
One factor complicating discussions about the future use of this site is its dual ownership. While AASEG purchases Oakland’s half stake in Coliseum, Alameda County owns the other 50%. Additionally,the Major League Baseball franchise is leaving Oakland for Sacramento next year but is still in talks with purchasing Alameda County’s share pending an ongoing court case set for September.
