AASEG and Oakland Agree on $5B Coliseum Redevelopment Plan

African American Sports and Entertainment Group (AASEG), a black-led development team, has entered into an agreement with The City of Oakland to redevelop the Oakland Coliseum into an affordable housing, entertainment and retail complex, with the possibility of new a pro sports team. The new development would have a price tag of $5 billion.

According to KGO-TV, there’s just one large fly in the ointment, and that’s the Oakland Athletics. The team owns half the Coliseum site, so any redevelopment plans would require approval from the A’s. The City of Oakland has said the A’s are welcome to be a part of the Coliseum revitalization.

AASEG Spokesman and Oakland native Ray Bobbitt says the renovated Coliseum could play host to concerts and professional sports teams, including a WNBA franchise. Bobbitt also said, “It’s an opportunity for the African American Community to create employment in an area where a lot of us grew up in.”