At the end of June, SRB Management – the limited partnership led by Angels owner Arte Moreno – announced an ambitious effort to transform the 153-acre Angel Stadium site into a stunning complex of entertainment, residential, commercial, retail and hospitality uses with innovative public spaces. Once completed, the Platinum Triangle area will look radically different than today, and the new stadium district will generating tens of thousands of new jobs and more than a billion dollars in new tax revenues for the city.
The conceptual master plan leaves open the question of whether team owner Moreno will modernize the existing stadium – built in 1966 – or replace it entirely. The city in December 2019 approved an agreement to sell the stadium site to SRB Management for $325 million – several million more than its appraised value. Once the deal closes – and the master plan is part of that process – the city will be out of the stadium business and the cost of either repairing or replacing Angel Stadium will be entirely Moreno’s responsibility.
The agreement also obligates the team to remain in Anaheim until at least 2050.
The master plan is justifiably touted as realizing the original vision for the Platinum Triangle. Angels baseball would remain the centerpiece, surrounded by a walkable community that includes:
- 2.7 million square feet of officer space
- 5,175 housing units
- two hotels with a combined 943 rooms
- A 5-acre urban park, plus another five-acres of linear parks, landscaped paths and playing fields,
- A total of 1.1 million square feet of restaurants, retail and entertainment in two hubs flanking the stadium.
The master plan envisions removing the rock waterfall feature in the outfield, opening it out to a “fan experience area” where Angels fans can enjoy breweries, restaurants, live music and other festivities.
The City National Grove may or may not be replaced by new development.
Among the items still to be ironed out between the city and SRB are the number of affordable housing units that will be included in the residential development. Requiring the inclusion of low-income housing units lowers the value of the property; depending on the percentage set aside as affordable, that cost would be deducted from the sale price based on a straightforward calculation.
Multi-Billion Economic Impact
The new development will have an enormous economic impact on Anaheim and the region. During the construction phase, it will create an estimated 30,264 good-paying jobs and generate $5 billion in economic activity
After build-out and during the course of 30 years, the Angels development will create 45,300 new jobs (exclusive of stadium jobs), and generate $1.2 billion in General Fund revenues – including $443 million in hotel and bed taxes.
Next Steps In The Process
• Master plan submittal was filed with City by SRB Management (June 23, 2020)
• Disposition, Development Agreement to be finalized by City and SRB Management in coming months, which will include community benefits
• Environmental Analysis/Process will be updated for the project
• Angels Commitment Agreement confirms the Angels will continue to play in Anaheim through 2050 and include options to extend through 2075
• SRB to deposit $30 million if approved 2021 – 2025
• Final tract map submitted and closing of sale
• SRB to deposit additional $20 million with submission of tract map and balance of purchase price at closing, which happens after the tract map is approved by the City.