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Sunday, January 17, 2021

Former Oakland Athletics pitcher Dave Stewart bids $115 million on share of Oakland Coliseum

Former Oakland Athletics pitcher Dave Stewart submitted a $115 million bid to buy the city of Oakland’s share of the Coliseum with plans to develop the site, he told the San Francisco Chronicle.

With both the NBA’s Warriors and NFL’s Raiders leaving the site in recent years, the A’s are the last pro team using the Coliseum. The team has undergone steps to build a new ballpark at Howard Terminal, about seven miles uptown.

The A’s currently own the other half of the Coliseum.

In a Tweet on Saturday night, Stewart, who grew up in the area, said doing “right by our community” is the driving force behind the bid. He told the Chronicle he has ideas of developing the area and potentially building a new stadium there if plans for the Howard Terminal ballpark fall through.

RoyalsRetro (AG#1F) Posted: January 17, 2021 at 02:34 PM | 14 comment(s) Login to Bookmark
  Tags: athletics, dave stewart

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   1. Walt Davis Posted: January 18, 2021 at 02:54 AM (#6000251)
I have no idea if this is a good investment or not but if I had $115 M burning a hole in my pocket, this would be about the last thing I'd do with it.
   2. bfan Posted: January 18, 2021 at 08:12 AM (#6000254)
I understand after he buys it, Stewart is going to trade it to the Braves for two closed JC Penny locations and a duplex.
   3. winnipegwhip Posted: January 18, 2021 at 09:29 AM (#6000256)
If Dave has $115 million I would not doubt his wisdom in financial matters considering he earned less than $20 million (according to B-Ref) throughout his career. That would be considerable personal growth.

Or did he get some land with the rare stone like that Tampa Bay Devils Ray pitcher (Matt White?) to amass a fortune.
   4. Jay Seaver Posted: January 18, 2021 at 10:38 AM (#6000259)
He's apparently just the face of the operation with only $10K of it his own money.
   5. What did Billy Ripken have against ElRoy Face? Posted: January 18, 2021 at 12:03 PM (#6000274)
If Dave has $115 million I would not doubt his wisdom in financial matters considering he earned less than $20 million (according to B-Ref) throughout his career. That would be considerable personal growth.
I assume he’s still getting royalties from the Eurythmics songs.
   6. depletion Posted: January 18, 2021 at 12:39 PM (#6000278)
"Seven miles uptown" sounds high. That's Houston St to 140th Street in NYC. I checked on Google maps - it's 6 miles driving distance and less as the crow flies. A whole lot of no there there.
   7. depletion Posted: January 18, 2021 at 12:45 PM (#6000279)
1 and 4: I don't know the details but Bay Area real estate isn't cheap, even East Bay. $115M for a big plot of land might be a good deal.
   8. Doug Jones threw harder than me Posted: January 18, 2021 at 12:50 PM (#6000281)
From a practical standpoint, the land itself is I think quite valuable. It has good freeway access, a BART station (light rail), is right next to the airport with access via automated monorail, and both a functional multi-purpose baseball/football/monster-truck stadium and a basketball/hockey/Ice-Capades/Justin-Timberlake arena. Along with all that comes a huge parking lot, perhaps the largest parking lot in the Bay Area, it's potentially even larger than it could be because some of the parking lot is reserved for storage for the extra stands for football (and other events) which are lifted in by crane.

One could conceive of a mix of condominiums, hotels, and retail, maintaining perhaps the arena, which even with the new arena in San Francisco had a lot of bookings lined up for the past year before Covid. Really, the new arena for the Warriors is more likely to lead to the demise of the Cow Palace in San Francisco (which had been on a downhill slide for years) than the Oakland Arena, which was extensively renovated only(?) 23 years ago.
   9. Walt Davis Posted: January 18, 2021 at 05:00 PM (#6000330)
Sure, somebody probably makes money on the deal but c'mon, what could possibly be a more boring use of $115 M than "we own half of a dilapidated stadium!"
   10. RoyalsRetro (AG#1F) Posted: January 18, 2021 at 05:03 PM (#6000332)
From Craig Calcaterra's newsletter:


There may be a lot more going on here, though. I’ll leave it to people who know the Oakland dynamics better than me, but I found a post on an Oakland website from December which obtained what purports to be Stewart’s letter of intent for the bid that was just reported on Saturday. It references “tribal development initiatives” and comps to something called the County Center development in Prince George’s County, Maryland. Which seems to not exist and of which there has been no news since like 2016. What’s more, Stewart’s partner in the deal who is billed as the actual developer seems to have no development experience. Also: the letter of intent says that Stewart would only put down $10K against the $115 million bid while studies are conducted. Which is to say, this may be more smoke from the pitcher once known as Smoke than anything.
   11. What did Billy Ripken have against ElRoy Face? Posted: January 18, 2021 at 05:12 PM (#6000336)
It references “tribal development initiatives” and comps to something called the County Center development in Prince George’s County, Maryland. Which seems to not exist and of which there has been no news since like 2016. What’s more, Stewart’s partner in the deal who is billed as the actual developer seems to have no development experience. Also: the letter of intent says that Stewart would only put down $10K against the $115 million bid while studies are conducted.
Despite all of this, he will simply stare at city officials, and they will accept.
   12. manchestermets Posted: January 19, 2021 at 06:00 AM (#6000446)
is right next to the airport with access via automated monorail


Main St checks out.
   13. Adam Starblind Posted: January 19, 2021 at 07:57 AM (#6000449)
There may be a lot more going on here, though. I’ll leave it to people who know the Oakland dynamics better than me, but I found a post on an Oakland website from December which obtained what purports to be Stewart’s letter of intent for the bid that was just reported on Saturday. It references “tribal development initiatives” and comps to something called the County Center development in Prince George’s County, Maryland. Which seems to not exist and of which there has been no news since like 2016. What’s more, Stewart’s partner in the deal who is billed as the actual developer seems to have no development experience. Also: the letter of intent says that Stewart would only put down $10K against the $115 million bid while studies are conducted. Which is to say, this may be more smoke from the pitcher once known as Smoke than anything.


So money laundering or a casino?
   14. Walt Davis Posted: January 19, 2021 at 05:18 PM (#6000637)
So money laundering or a casino?

Beer or tacos?

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