T
he city of Oakland is questioning the payment from African American Sports & Entertainment Group (AASEG) for its share of the aging Coliseum. The Sacramento-based developer agreed to buy the city's half of the 120-acre property for $105 million in July, but failed to pay a $10 million down payment by September 23. AASEG was given an extension until October 7 to complete the transfer, which they have since agreed to do as part of a revised deal.
Under the new agreement, AASEG will send the city $10 million by October 7 and another $95 million by May 30, 2025, in addition to the $5 million already received. The Oakland City Council still needs to approve the revised deal, which has been met with skepticism from some council members who are concerned about the delayed payment.
The sale of the Coliseum site is critical for the city's finances, as Mayor Sheng Thao has staked revenue from the land deal against the city's financial crisis. The city had approved a worst-case scenario budget that would impose severe cuts to city services if AASEG's payment didn't arrive on time.
AASEG plans to redevelop the Coliseum site into a $5 billion complex with housing, hotels, a convention center, and other amenities. As part of the deal, 25% of the homes built at the site must be affordable. The city is expected to approve or reject the revised deal in the coming weeks.
realestate
Oakland Coliseum redevelopment project hits snag over missed $10M payment
Oakland demands payment from buyer of aging Coliseum after new deal is struck.
Read More - realestate
realestate
Boston Real Estate Times Honors Top Performers at Prestigious Annual Awards Ceremony
250+ Commercial Real Estate Pros Attend Boston Real Estate Times' Annual Excellence Awards Gala.
Read More - realestate
realestate
Luxury Homes Sold in Central New York: Top Transactions October 5-11
Here are the top stories for CNY counties from October 5-11:
Read More
realestate
Metreon Joins San Francisco's Growing List of Sold Properties
Metreon mall in San Francisco put up for sale with high occupancy rate.