The Anaheim City Council gave initial approval to sell Angel Stadium to the Los Angeles Angels.
In a contentious, seven-hour meeting that ended early Wednesday morning, the council voted 5-2 to sell the stadium and its 150 acres to SRB Management, owned by Angels owner Arte Moreno, for $150 million in cash. SRB also agreed to spend an additional $170 million to build 466 housing units for lower-income residents and a 7-acre public park.
Under terms of the deal, Moreno also will commit to keeping the Angels in Anaheim through 2050.
The council must take another vote to finalize the agreement at its next meeting, but that is considered to be a formality. The dissenting council members on Wednesday said the property was undervalued and could have been sold for millions more that could benefit Anaheim residents.
The city-owned stadium opened in 1966 to house the Angels and sat, for years, alone along the 57 Freeway. In the past two decades, however, development has begun to surround the stadium, and a development plan calls for the adjacent property to be built out with shops, restaurants, a hotel, homes and offices. The goal is to turn what once was land filled with a concrete stadium and a vast asphalt parking lot into a walkable residential, retail, professional and entertainment area.
The sale is expected to close late next year.
--Field Level Media