By Sabrina Lynch
- The African American Sports & Entertainment Group has acquired 50% stake in the Oakland Coliseum for $125M
- The plan is to transform it into housing, retail, entertainment, and green spaces
Oakland city leaders are celebrating a new deal that will inject some much needed cash into the city. The iconic Oakland coliseum has been acquired by the African American Sports and Entertainment Group (AASEG) as a central part of their multibillion-dollar plan to redevelop the 112-acre site with affordable housing, commercial space, entertainment venues, sports facilities and more. Oakland is set to receive $105 million from the sale, being enough to avoid major cuts to police and fire departments due to financial problems the city is currently facing
Why This Matters: AASEG is hyper focused on stimulating the economy of East Oakland, which is experiencing a number of challenges as an underserved community. Half the households in the area earn less than $30,000 per annum with an unemployment rate that is twice that of the city. The new deal could see the creation of 14,500 jobs and open doors to a cashflow of $1.5 billion in city revenue. All this can only be welcome news for budding small business owners and first-time home buyers who found it difficult to achieve their dream in a housing market that declined by 0.69% in the past year. The Coliseum area’s median home price rose to 21.7%, signaling investor confidence in the redevelopment and other initiatives that are revamping the area – such as Rise East’s successful $100 million investment to transform Black Oakland.
What’s Next: By the time the deal is finalized in June 2026, the foundations will be laid for some much needed economic prosperity for Black and Latino communities. The development could act as a long-term stabilizer to address systemic inequities that families face for wealth and business growth.
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