Major League Baseball’s Los Angeles Angels have agreed to remain in Anaheim, California, through 2050, in a deal in which Angels owner Arte Moreno will buy the publicly-owned Angel Stadium and the surrounding 153-acre property for $325m.
The Angels had a December 31 deadline to opt out of their stadium lease or remain bound to it until 2029. Instead, a deal was reached which allows the Angels to control the property and surrounding parking lots, while relieving the city of its costly maintenance obligations on the 53-year-old stadium.
Though the deal does not commit Moreno to building a mixed-use development on the property that is currently dominated by surface parking, such an effort is likely, in keeping with recent US stadium development trends favoring large-scale development surrounding the sports facility.
Anaheim City Council is expected to approve the deal on December 20, which includes options to extend the lease through 2065.
“We appreciate the mayor’s leadership in working to keep the Angels here in Anaheim, which has been our home for over 50 years,” Moreno said. “Today is the first step in enabling us to invest in our future by building a winning team and delivering a high-quality fan experience.”
The Angels had explored moving to a new site in southern California but they will now look to renovate Angel Stadium and potentially develop an entertainment district in the surrounding area.
The club has hired Texas-based HKS Architects to help develop options for renovating or replacing Angel Stadium. The firm, one of the more prominent sports architecture outfits in the US, worked with fellow MLB clubs the Texas Rangers and Los Angeles Dodgers on recent stadium development efforts.
Angel Stadium is MLB’s fourth-oldest facility, trailing only Fenway Park in Boston, Wrigley Field in Chicago, and Dodger Stadium in Los Angeles.