“Angel Stadium’s Uncertain Future: Will Nostalgia Spark Renovation or Relocation?”
Under the two proposals that collapsed, the city negotiated only with the Angels rather than put the property up for bid and see what developers might offer, with or without a stadium included. The city could take bids this time.
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However, the Angels’ ability to veto development on the land through 2038 likely means a bidder would heavily discount an offer, to account for the cost of buying now and possibly not building for another decade.
“The number would be so low that the city would be better off waiting,” said Louis Tomaselli, the Irvine-based executive managing director of JLL, a real estate and investment management firm.
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