SAN FRANCISCO (KCBS RADIO) – Plans to bring a five billion dollar mega-project to the Oakland Coliseum took one step forward this week.
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The Oakland-based African American Sports & Entertainment Group signed a deal on Thursday to negotiate redevelopment of the Oakland Coliseum with the city.
AASEG shelled out over $2 million for the sole rights to renegotiate with Oakland, which owns half of the Coliseum. The other half is owned by the A's. When it comes to the public ownership portion of the stadium, Oakland Mayor Sheng Thao said she's on board.
"We're going to be able with this project to actually create between 20-30,000 good paying jobs," she emphasized during a press conference.
The new group of Oakland investors wants to bring housing, a convention center and possibly a WNBA franchise to the Coliseum.
AASEG is a Black-owned development team led by an East Oakland native. If the project eventually goes through, Mayor Thao said it will be monumental. "It's the largest development opportunity for an African American-led group in Oakland’s history," she said.
However, some question if the deal will go through, as cost and infrastructure could make it unfeasible. Ultimately, any agreement for the site's redevelopment will require the Oakland A's signature.
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