The City of Anaheim is poised to sell Angel Stadium and surrounding 155-acres of public land for $325 million by the end of the year, following a series of secret talks between city and team officials over the last month.
SRB Management, LLC will buy the land, which Angels owner Arte Moreno is part of, and will be developing the parking lots surrounding the area. The Grove of Anaheim will also be included in the land sale.
Yet according to the appriasal’s cover letter, it had to be revised because of the ongoing negotiations between the city and Angels baseball.
“This negotiated scenario was not encompassed within the original Scope of Work used to derive the previous Draft Appraisal Prospective Hypothetical Range of Value estimates,” reads the letter.
There’s no explanation on how the appraiser, Steven Norris, arrived at the new estimate.
While no mention of any stadium proposal or land sale was publicly mentioned during Tuesday’s City Council meeting, the Orange County Register first reported Wednesday morning that the proposal will keep the Angels in the city until at least 2050.
The city released the proposed land sale overview on its website shortly after the Register’s story published online Wednesday morning.
No mentions of any proposed land sale, potential deal points or negotiation updates were made during Tuesday’s City Council meeting.
According to the city document, the City Council will hold a public hearing Dec. 20 to consider the land sale to the Angels development group.
The Council will hash out development and community benefit agreements sometime next Spring.
The Angels are committing to stay in Anaheim until at least 2050, with optional extensions of up to 15 years, according to the stadium proposal overview. And there would be no public subsidies, according to the document.
Although the current lease opt out deadline for the Angels is Dec. 31, the current lease “would stay in effect until close of sale, potentially around 2025.” according to city documents.
Anaheim also released the stadium appraisal around noon Wednesday.
According to a draft version of the stadium land appraisal, the nearly 155 acres could’ve been worth $300 million to $500 million if the city let the Angels lease expire and demolished the stadium. The estimate does not include demolition costs.
If the city would’ve negotiated a new deal and taken away half of the nearly 14,000 parking spots, the land would have been worth $284 million to $479 million.
And if Anaheim would’ve left all the parking lots and negotiated a new lease, the land was estimated to be worth $134 million to $309 million.
The previous stadium appraisal, released in 2014, valued the land at $225 million and $325 million.