The Anaheim City Council is expected Tuesday evening to approve the sale of Angels Stadium to the team in a deal that would keep the baseball club in the city for at least another 30 years and include residential development around the park.
The city council will meet this evening to vote a proposal to sell the baseball stadium for $320 million, down $5 million from the original sale price, city spokesman Mike Lyster said. The sale price was reduced because the city will hang on to two acres for a water well on site and to have property on which to build a new fire station, Lyster said.
“The proposal would keep the Angels here for at least 2050, and there are extensions beyond that,” Lyster said. “It would sell the stadium and the land around it to get us out of the business of owning and to seed development around the stadium.”
The plan calls for the city to receive $150 million in cash and the rest would come in the form of 466 high-quality residential units worth $124 million and a park worth $46 million, Lyster said.
The apartments are considered affordable housing and city officials envision the 7-acre park will be much like the one across from Santa Monica City Hall, Lyster said.
The future of the City National Grove of Anaheim is up in the air. The baseball club will take ownership of the venue and will consider what to do with it going forward, but there’s a possibility it becomes part of the Honda Center’s OC Vibe entertainment venue plans that will be modeled after L.A. Live next to Staples Center in downtown Los Angeles, Lyster said.
“The future of the Grove will rest with the new ownership,” Lyster said. “But we don’t expect to see any change with the Grove. Longer term the new ownership will evaluate it and take it into consideration with its own development plans.”
Overall, the project will include a renovation of the 45,500-seat stadium with an option to replace it with a new stadium. The overall plan also includes 5,175 residential units, 1.75 million square feet of commercial space, including up to 943 hotel rooms, and 2.7 million square feet of office space.