The Oakland A's expect to spend a whopping $12 billion to build a proposed waterfront ballpark and surrounding condos, retail and office space, according to documents released Friday.
The A’s said once built out, the project will generate nearly $1 billion for the city's general fund.
Not only are the A's privately financing the $1 billion Howard Terminal stadium, but the team plans on paying for all the infrastructure, which means elevating roadways, cleaning up any hazardous materials and getting the industrial area ready for heavy visitor use.
A's President Dave Kaval told KCBS Radio that $450 million has been earmarked for community benefit, such as affordable housing, and the entire project should pump $955 million into city coffers for use on parks, police, fire or whatever the city wants.
“This is really a once-a-generation opportunity to really reimagine what Oakland can be, and we feel that due to all the public outreach we’ve done, and connecting with the community groups, and dedicating $450 million for community benefits, it can be something that’s good for everyone – for the citizens who live there now, future people who might move to Oakland, and then the visitors,” Kaval said.
This week, the planning commission heard 3 hours of public comment from critics worried about traffic, noise and the impact on a working port.
The A's, eager to get started, are asking for a key vote from the city council by this summer.
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