Learn about the city of Anaheim’s new development deal with Henry Samueli, owner of the Anaheim Ducks.
Recently, news broke of the city of Anaheim’s new development deal. This agreement between the city and the Anaheim Ducks will keep the hockey franchise in the city through 2048 with the possibility of remaining until 2073. As a part of this deal, the city of Anaheim will also sell Samueli three city-owned parking lots around the Honda Center for $10.1 million.
With the space totaling about 16 acres, the site is expected to be used for a brand-new entertainment and retail center. According to city staff, the new developments around the arena will feature 19,000 new apartments, 14 million square feet of office space, and 4.7 million square feet of commercial and hotel space.
The deal also states that Anaheim Arena Management will take responsibility for the arena’s operating costs and capital expenditures. Finally, the agreement awards management of the Anaheim Regional Transportation Intermodal Center (ARTIC) to Anaheim Arena Management for 25 years. As the transportation center was previously owned by the city, this deal is expected to save the city about $2.5 million in annual expenses.
According to outgoing councilwoman Kris Murray, the deal presents a wonderful opportunity for the city of Anaheim, “They will help us manage ARTIC and really realize the future of ARTIC and the Platinum Triangle to help both workers, residents and those who visit our city. I think this is truly the best-case scenario.”
This is what you need to know about the city of Anaheim’s new development deal. Are you inspired by this agreement and looking to make a commercial real estate deal of your own? If so, contact the experts at California Commercial Realty Advisors, Inc. Our dedicated team is ready to assist you with all your commercial and industrial real estate needs today.
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