A settlement between the City of Anaheim and state officials has resolved a dispute which threatened to derail plans from Angels owner Arte Moreno to redevelop the parking lots surrounding Angel Stadium.
The Los Angeles Times reports that the deal, announced on Monday by state and city officials, will require Moreno to use $96 million worth of tax credits to develop roughly 1,000 units of affordable housing throughout the City of Anaheim. Moreno will retain an additional $28 million in credits for the development of an unspecified number of affordable units within the Angel Stadium site.
Prior to the settlement, Anaheim had faced a fine of up to $96 million for violating the state Surplus Land Act, which requires that publicly-owned properties put up for sale first be offered to developers seeking to build affordable housing.
Moreno's plan for Angel Stadium, first revealed in June 2020, calls for the construction of a series of mid-rise and high-rise buildings featuring up to:
- 2.7 million square feet of office space;
- 5,175 condominiums and apartments;
- 1.1 million square feet of retail and restaurant space;
- 943 hotel rooms; and
- parking for 12,500 vehicles.
Plans also call for the construction of a five-acre park, as well as either the renovation of Angel Stadium or the construction of a replacement venue on land adjacent to the Orange Freeway and the Santa Ana River.
Moreno has 30 years to redevelop the 150 acres of land surrounding Angel Stadium. Construction of the project's initial components were previously expected to break ground as early as 2025.
The Angel Stadium site occupies a substantial portion of Anaheim's 820-acre Platinum Triangle district, which is zoned to facilitate high-density commercial and multifamily residential developments. The owners of the Anaheim Ducks have also announced plans for a similar mixed-use complex on the land surrounding the Honda Center, which neighbors Angel Stadium.