When Coliseum City was originally conceived it was supposed to look something like this when fully completed, 800 acres in all.
Last last year we heard from Floyd Kephart and others that the project would be scaled back to around 200 acres.
Now we hear that it’s down to 120 acres, which is basically the original Coliseum complex plus the Malibu and HomeBase lots leading out to Hegenberger.
With the Raiders and A’s signed up to offer competing bids, the team working on Coliseum City now plays the role of facilitator and competitor, all at once. A single stadium’s footprint will be 14-20 acres. Two stadia would cover 35 acres. When you add the necessary streets and easements for other infrastructure, that should leave 60-70 acres to develop. I was not terribly optimistic from the get-go about the financing coming through, so I wasn’t surprised when one financier after another bailed out on the project. Now that the project’s size has shrunk a whopping 85%, the questions about its viability are even more pointed, especially when trying to pitch it as a way to keep both the A’s and Raiders in town. Just as we saw over the last year, we’re going to let the numbers (or lack thereof) prove these concepts out. If the Raiders can make it work with whatever developer they’re trying to get onboard, bully for them. If the A’s plans prove most feasible, then they get the spoils of developing one of the last large infill developments in the Bay Area. And if Kephart’s New City group somehow gets capital and the teams on board, they will have truly worked a miracle.
However, ask yourself this: If capital wasn’t biting at 800 acres and two stadia, why would they bite at 120 acres and two stadia?
P.S. – The infrastructure price tag on the whole 800 acre project was supposed to be $344-425 million. Now that it’s 85% smaller, did that cost also proportionately decrease? Nope. The cost of infrastructure for the 120 acres, including the new transit hub and utility relocations, is $170 million. Factor that into your thinking. Some of that figure will be offset by grants, though really only for the transit hub. It’s still a nine figure infrastructure price tag.