The Coliseum City development project that is designed to keep Oakland’s professional sports teams in the city, remains in the balance but a group of investors has been given a chance to bring finance to the table.
Oakland City Council has granted a 90-day extension to the Coliseum City stadium development group of its exclusive negotiating agreement with the city. San Diego asset manager adviser Floyd Kephart, chairman of the board of Renaissance Cos., is expected to take the lead role in a newly reconstituted group, New City Development LLC.
The group is seeking an additional developer and approvals from the Raiders and NFL, the city and Alameda County before it can begin detailed planning for a new football stadium. The stadium would be the centrepiece of a development that would also include housing, retail, offices and perhaps a ballpark for the A’s.
Mayor Jean Quan said:
This is an important step forward in the work we kicked off three years ago [to keep the Raiders playing in Oakland]. There is room for all three teams in this project.
The Oakland-Alameda County Coliseum Joint Powers Authority (JPA), the public agency that manages the O.co Coliseum and the Oracle Arena, in August voted unanimously to approve a ten-year license agreement with the Oakland A’s. The Warriors have announced plans to move to San Francisco’s Mission Bay.
Photo credit: O.co Coliseum courtesy of Oakland Alameda County Coliseum Joint Powers Authority.