Los Angeles Angels owner Arte Moreno got a bargain now that his purchase of Angel Stadium has finally gone through.
Back in December, the city of Anaheim had approved the sale of Angel Stadium, and the surrounding land, to Arte Moreno. The Los Angeles Angels owner was set to pay $325 million for the property, keeping the Angels in town for the foreseeable future.
As it turns out, the announced price was not what Moreno will actually spend. Instead, he received a substantial discount.
That discount is meant to convince Moreno to do more with that property and include both 500 units of affordable housing and a seven acre park. If that is not delivered in a specific time frame, Moreno has to pay the city the other $175 million.
In theory, it is expected that this sale will invigorate the area. The hope is that the area will become a ballpark neighborhood, with over 5000 homes, as well as new offices, restaurants, and shops. If everything goes as the city hopes, Anaheim expects to generate over $1 billion in tax revenue by 2050.
This sale also has a direct impact upon the future of the Angels. Although Moreno and the team had opted out of their lease of Angels Stadium, the city had the ability to reinstate the lease, doing so through 2038. Now, with this sale, the Angels should remain in town through at least 2050.
It will also be interesting to see how this impacts the Angels’ offseason. Despite splurging on Anthony Rendon last year, the Angels are still nowhere near the playoff picture. The rotation is still a disaster, and the Angels need multiple pieces in the bullpen. But will the Angels be willing to spend after purchasing the area around Angel Stadium?
However, one thing is certain – the Los Angeles Angels know where they will be calling home for the next few decades.