Oakland and Alameda County officials say the Coliseum could undergo a huge makeover and become a second downtown area in the city
Negotiations are underway between the city, financier Jim Reynolds and the African American Sports and Entertainment Group, which has proposed a $5 billion megaproject — including housing, restaurants and a new convention center — for the 155-acre site.
The Coliseum was co-owned by the city and Alameda County until 2019 when the county sold its share to the A’s.
The A’s, who are primarily focused on building a new stadium in Las Vegas, recently declined AASEG’s offer to buy their share of the Coliseum site.
However, as part of an exclusive negotiating agreement with the city, both the A’s and AASEG are required to enter into a cooperation agreement for any development to proceed. The city’s options for compelling the A’s to work with AASEG remain unclear.
At the meeting, Kaplan and Miley also discussed potential “public uses” for the site, including the creation of a “City Hall East” where residents could access essential city services. Miley further emphasized the potential of the area to become a significant downtown hub for Oakland.
To facilitate development at the Coliseum, Miley proposed the establishment of an enhanced infrastructure financing district, which could be a crucial element in financing the project.
Both the city and county governments would need to separately vote to establish this enhanced infrastructure financing district, a mechanism previously considered for the A’s proposed Howard Terminal development, though with some county reservations.
The project would be a massive boost to the city, which has a downtown vacancy rate hovering near 30 percent, according to CBRE data.
