Angels Baseball Hires Brooks Street, Exploring Possible Development Around Angels Stadium
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Ahead of their negotiations with the city of Anaheim to sign a long-term lease, the Los Angeles Angels have hired a real estate consulting company to explore development options on the Angel Stadium of Anaheim.
The Angels have brought in Brooks Street, a Newport Beach-based real estate consultancy firm, to be part of their team to help prepare for negotiations with the city, Angels spokeswoman Marie Garvey told Bisnow.
Brooks Street advised LT Global for its proposed LT Platinum Center that sits next to Angel Stadium and is expected to break ground soon. Garvey said Brooks Street is not currently working for LT Global.
The Angels' move to bring in a real estate consultant to explore development on the 150-acre Angel Stadium site in the city's growing Platinum Triangle highlights what is expected to be a major part of the negotiations for a long-term deal with the city.
Angels Stadium anchors the city's Platinum Triangle, an 820-acre site that has seen $1B in commercial development in recent years. The team has played there since 1966.
After the team and city for years failed to come to an agreement on who is responsible for the estimated $200M to $300M in improvements and renovations on the 53-year-old, city-owned stadium, the Angels terminated their lease agreement with the city last year, which would have meant the team would remain in Anaheim only until 2019. The Angels recently signed a one-year lease extension for the team to remain through the 2020 baseball season.
As one of his last acts as mayor, Tom Tait asked city staff to update an appraisal of the site. Tait termed out in November.
A 2014 appraisal found the stadium and its surrounding parking lots were worth an estimated $225M to $245M with the Angels. If the city were to sell the land with no team attached, the 150-acre property could fetch $300M to $325M from a developer, according to previous city staff reports.
The city has retained Norris Realty Advisors principal Steve Norris to appraise the site, according to city staff reports. City staff expects the appraisal to take three to four months to complete.
The city council will discuss the item Tuesday.
New Mayor Harry Sidhu has made it a point to keep the Angels baseball team in Anaheim for the long haul. Sidhu played a major role in having Angels owner Arte Moreno sign a one-year lease extension so they have time to hash out a longer-term deal.
But the city will have new competition for the Angels. Long Beach Mayor Robert Garcia has approached Moreno about relocating the team to Long Beach's waterfront.