"Key deadlines loom over an Oakland-based development coalition, the African American Sports and Entertainment Group, which is seeking to buy the entire 112-acre property in what was previously announced as a combined $250 million purchase. The group, a coalition with mostly Black officials that includes local stakeholders, a big-name sports agent and a large investment firm, has been publicly scrutinized for its ambitious pitch to transform the complex into a new hub of nightlife, housing, live sports, restaurants and retail in East Oakland."
""When we embarked on this journey we did not realize how complicated the transaction would be," Ray Bobbitt, the group's co-founder and its public face, said in a statement. But the entities involved, Bobbitt added, have "gone above and beyond to... resolve unforeseen obstacles and to make this vision of bringing a world class development to Oakland and the East Bay a reality.""
The African American Sports and Entertainment Group, a Black-led Oakland coalition including local stakeholders, a prominent sports agent and investment firm Loop Capital, seeks to buy the 112-acre Oakland Coliseum for a combined $250 million. The Oakland Acquisition Company was expected to pay $125 million to the Athletics by end of January, with a possible extension to June 30, 2026 to pay another $125 million to the city. Officials declined to confirm payment dates. The A's and the city each claim 50 percent ownership, and the team's real-estate arm will appear on the title after longstanding arena improvement bonds are paid off in February. Significant public scrutiny and logistical complications remain.
#oakland-coliseum #real-estate-development #financing-deadlines #african-american-sports-and-entertainment-group
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]