California Construction News staff writer
The City of Oakland will sell its half of the Coliseum property to the African American Sports and Entertainment Group (AASEG).
AASEG previously agreed to terms for a minimum of $105 million.
The agreement paves the way for future development of thousands of new units of affordable housing, increased outdoor space, and preservation of the Oakland Arena as a vital entertainment hub for the East Bay region. AASEG is expected to consult with East Oakland residents to develop a strong community benefits agreement.
“For decades, the community has been promised development of the Coliseum,” Mayor Sheng Thao said in a statement. “And for decades, elected officials and investors have come and gone, along with the chance to invest in the lives and well-being of generations of East Oakland residents, small businesses, many owned by women and people of color.
“This historic decision finally delivers on those promises by empowering the East Oakland natives and Black developers at AASEG who are dedicated to their community’s health and well-being to develop the site.”
