Anaheim Megaproject On Hold As Future Of Adjacent Angel Stadium In Limbo
The size and scope of LT Global Investments' much-anticipated $500M LT Platinum Center project in Anaheim may hinge on what kind of agreement the city strikes with the owner of the Anaheim Angels, city officials said.
LT Global has yet to break ground on the massive mixed-use project next to Angel Stadium and in the city's Platinum Triangle area.
There is a chance, depending on what kind of agreement comes out of negotiations between the Angels and the city, that LT Global may acquire some of the city-owned land adjacent to the project, Anaheim Mayor Harry Sidhu told Bisnow Thursday before he spoke to more than a 150 commercial real estate professionals at Bisnow's Orange County State of the Market event.
"LT Platinum is part of the ongoing discussions with the Angels," Sidhu said.
Sidhu did not discuss specifics. It is unclear under what circumstances LT Global would acquire the city-owned land and whether that hinges on the Angels leaving or staying on-site.
An email to an LT Global official was not returned by press time.
The Angels and the city are currently in the midst of discussing ways for the team to remain at the city-owned, 150-acre Angel Stadium site long term.
The Angels opted out of their lease agreement last year but signed a one-year lease extension to remain in the stadium through the 2020 season to allow time to negotiate with the city.
The Angels and the city have been trying to come up with a plan to pay for the estimated $200M worth of basic improvements that the fourth-oldest stadium in Major League Baseball needs. Angel Stadium opened in 1966.
Many experts expect Anaheim's deal with the Angels could look similar to the one the city made with the owners of the Anaheim Ducks. Anaheim sold three city-owned parking lots totaling 16 acres around the arena in exchange for the hockey franchise remaining in the city until as late as 2073.
Sidhu did not answer more questions about the ongoing negotiations with the Angels. Sidhu said to expect the Angels to remain in Anaheim and for a resolution in the coming months.
The mayor of Long Beach is also trying to recruit the baseball team to relocate to an undeveloped 13-acre waterfront site in Long Beach.
"Long Beach — they are not going there," Sidhu said at the Bisnow event. "They [the Angels] love Anaheim."
LT Global's $500M LT Platinum Center project has yet to break ground since being approved by the city in 2016.
On a 14.8-acre site next to Angel Stadium, the LT Platinum Center will be a mixed-use entertainment and residential destination.
The project will feature 400 residential units, a 200-room hotel, 430K SF of retail and entertainment space, 75K SF of office and a 1.5-acre park.
In a previous interview with Bisnow, LT Global CEO Max Yang said the company had yet to break ground because it was studying the U.S. economic landscape.
