Five months after buying Angel Stadium and the surrounding parking lots, Angels owner Arte Moreno is close to revealing his plans for the property.
On Tuesday, the Anaheim City Council is expected to approve an agreement under which SRB Management — the development company controlled by the Angels owner — will submit its development proposal to the city no later than May 30.
Moreno’s company could disclose whether it plans to build a new ballpark or renovate the current one. The city would like parkland and affordable housing on the 153-acre site and has promised to discount Moreno’s $325-million purchase price if he agrees.
The site is half again as big as Disneyland. According to a study Moreno commissioned before the sale to evaluate potential development opportunities, more than 4,000 apartments and 700 condominiums could be built on the site, plus a hotel with more than 900 hotel rooms and offices that would employ 15,000 workers.
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The study also envisioned full-service and fast-casual restaurants, a beer garden and wine bar, a grocery and drug store, merchandise retailers, fitness and recreational centers and social spaces. The total project was estimated to cost $3.4 billion, with development in stages through 2050 and eventually covering 1.1 million square feet.
The original sale document required city staff and Moreno’s company to agree on any city-requested uses and community benefits by June 30, with the company required to submit a site plan within the subsequent 14 months. The community benefits and site plan are subject to council approval.
The agreement before the council on Tuesday advances the date for submittal of the site plan but delays the inspection deadline — the date by which Moreno’s company can walk away from the deal — until Sept. 30. By that date, the city also must receive a written guarantee that the Angels will play their home games on the site through at least 2050, with options to extend the team’s tenure through 2075.
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The council also is expected to approve an agreement with the operators of The Grove, a 1,700-seat theater in the Angel Stadium parking lot. The land on which the Grove sits is part of the property purchased by Moreno’s company.
The agreement with Nederlander extends that company’s operating rights at the Grove from Dec. 31, 2020 to Dec. 31, 2022. However, should the sale of the stadium property close before then, the city could terminate the agreement as soon as Jan. 1, 2022.
The deal is expected to close by 2025.
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May 08, 2020 at 12:20PM
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Arte Moreno set to reveal Angel Stadium development plan - Los Angeles Times
"plan" - Google News
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