With plans emerging for the two sporting stadiums in Anaheim, there appears to finally be a resolution for the biggest remaining question marks surrounding the development of Anaheim’s Platinum Triangle.
The same week that the Samueli team revealed plans for the Honda Center, Los Angeles Angels owner Arte Moreno submitted early-stage, conceptual plans of his own for the 153-acre Platinum Triangle site that holds the baseball stadium and surrounding parking lots.
The two plans are likely worth $8 billion or more on a combined basis, when built out. They are also complementary, and that’s by design: the two ownership entities have been in talks to make sure the projects, though separate, “are synergistic,” notes Dan Young, lead master planner for OC Vibe.
“The roadway systems are properly connected, and we want to have a plan that’s beneficial for transportation and moving people from one site to the other,” he said.
City spokesperson Mike Lyster described each plan as “a once in a generation type of project for any city.”
“For us to have two of them at roughly the same time is really a strong vote of confidence for Anaheim.”
Construction for both projects could begin as soon as 2023, notes Lyster.
Moreno’s newly created firm, Arizona-based SRB Management Co., kicked off plans for their portion, west of the 57 freeway, last December when it entered into a framework deal to buy the site for $325 million; a final sale agreement is expected to be reached in September or October.
The deal also keeps Orange County’s baseball team in the city through 2050.
Lofty Plans
Conceptual plans submitted to the city include adding 5,175 apartments, 943 hotel rooms, 2.7 million square feet of office space, 12,500 parking spaces, parks and other commercial additions like retail and restaurants.
Inspirations for the project include San Diego’s Petco Park; Chicago’s Wrigleyville neighborhood; and the Texas Live entertainment center around Globe Life Field in Arlington, Texas.
Given a likely $1 billion price tag for a new stadium or major renovations of the existing stadium, plus more than 2,200 apartments and considerably more commercial space than the Ducks proposal, Moreno’s development likely has a value in the $5 billion or higher range, the Business Journal estimates.
A question that remains still: Will Moreno choose to renovate the existing 45,483-seat stadium, the fourth-oldest in Major League Baseball, or build a new one?
Current plans call for either possibility, with options for “the building of a new 45,500-seat stadium on land alongside the Orange (57) Freeway and the Santa Ana River,” according to city materials.
The development team is expected to begin the environmental review process later this month, and go through Planning Commission approvals between August and September before a purchase and sale agreement is finalized.
—Katie Murar
