Anaheim reduces price of Angel Stadium
City agrees to take $175 million less to get Moreno to add housing and a park.
In December, the Anaheim City Council agreed to sell Angel Stadium and the surrounding parking lots for $325 million. The deal was done, but the city said the structure was subject to change.
On Friday, the final cash price was announced: $150 million.
In order to entice Angels owner Arte Moreno and his development company to include close to 500 units of affordable housing and a seven-acre park within the small city to rise on the 150acre stadium property, the city agreed to accept less than half the purchase price in cash.
The city said it valued the housing and parkland at $170 million and described the amount as a development credit, not a discount. If Moreno’s company does not deliver the housing and parkland on schedule, it must refund the city for the credited amounts.
The development agreement requires the approval of the city’s planning commission and the City Council. The planning commission is scheduled to consider the agreement on Wednesday, with the City Council expected to follow later this month.
The fair market value of a vacant site was as much as $500 million, according to a city-commissioned appraiser. But the City Council depressed that value by reinstating the Angels’ lease after the team had opted out of it, giving the Angels control over certain development on the property through as late as 2038.
Instead, Anaheim prioritized keeping the Angels in town and letting the team develop a site that the city had failed to develop for more than half a century. The city proposed a sale price based on the depressed value of the land, subject to adjustments for community benefits that would be negotiated.
On Dec. 17, three days before the council vote, The Times reported that the final amount would be steeply reduced, “possibly by half.” When the council voted to approve the sale, Councilwoman Denise Barnes dissented, arguing that the city should not approve a deal without a value on whatever community benefits the city might propose to subsidize.
On Friday, the city hailed the deal. The city had no power to compel Moreno’s company to include affordable housing or a major park
Angels first baseman prospect Jared Walsh has made extremely hard contact since he rejoined the team last week. Of the first 10 balls he put into play, only four left his bat under 97 mph. His average exit velocity continued to climb Friday, courtesy of a solo homer that shot through the sky at 109.7 mph and a long fly ball out that traveled 104.9 mph. His first three hits of the month went for extra bases.
In his first MLB start in the outfield, Angels newcomer Franklin Barreto was mostly sound behind starter Dylan Bundy. But he took a poor route on a line drive hit by Houston’s Yuli Gurriel, resulting in a double that put runners in scoring position with no outs to start the fourth. Both scored.
Bundy shut down the Astros the rest of the way. Over seven innings, he gave up six hits and issued one walk. He also struck out eight. His 2.49 ERA ranks 11th among starting pitchers who have thrown at least 34 innings. The bullpen blew Bundy’s chance at a victory but reliever Matt Andriese pitched 22⁄3 scoreless innings to give the Angels a chance in extra innings.