SBD/October 1, 2013/Facilities

Colony Capital Among New Investors For Oakland Coliseum Redevelopment Project

Oakland's Coliseum City plans have been viewed by many as a long shot
Colony Capital and "well-connected Dubai financier" Rashid Al Malik are "teaming up to invest in Coliseum City, providing a significant shot-in-the-arm to Oakland's effort to redevelop the sprawling Coliseum complex into a sports and entertainment center," according to Matthew Artz of the OAKLAND TRIBUNE. The new investors are “slated to join Oakland’s master-planning team for the Coliseum complex and help fund a new stadium feasibility study.” The study will “delve deeper into the market for a new Raiders stadium at the Coliseum site.” Raiders Owner Mark Davis and a private consultant hired by the city have both recently said that the local market would “only support a roughly 58,000-seat stadium at the Coliseum site.” The city’s planning team is concerned, however, that such a facility, which would be the NFL’s smallest, “wouldn't attract major events like a Super Bowl or successfully anchor an entertainment district.” Artz notes Coliseum City has “long been dismissed as a pipe dream mainly because it envisioned privately-financed new homes for all three of Oakland’s sports teams.” This is despite the fact that the Warriors “have proposed building a new home" in S.F. and the A’s “still pine for San Jose" (OAKLAND TRIBUNE, 10/1).
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