The Anaheim City Council has hired a Pasadena firm to appraise the city-owned 155-acre Angel Stadium site, a decision that could help guide the city in upcoming negotiations with the Los Angeles Angels, which has been leasing the facility since 1966.
The Anaheim stadium seats over 45,000 and is the fourth oldest in Major League Baseball.
The Anaheim council voted on Tuesday, February 19, to approve an agreement with Norris Realty Advisors, whose main offices are at 101 E. Green Street # 9 in Pasadena, for the firm to estimate the site’s value both with and without a ballpark. Anaheim will be spending up to $100,000 for the appraisal project, a report in the Orange County Register on Wednesday said.
“This is an important first step for the early stages of both the city and the Angels thinking about the long-term future of the site,” city spokesman Mike Lyster told the Register.
According to its website, Norris Realty Advisors specializes in valuation and due diligence for a wide variety of income-producing investment-grade properties. The company’s range of services includes appraisal and advisory services for mortgage financing purposes, pension fund advising, insurance companies, government agencies, and litigation support.
Recently, Norris Realty Advisors announced it was retained to complete an analysis of the land underlying the Los Angeles Grand Hotel in Downtown Los Angeles, a planned 77-story skyscraper that could become the tallest building in Los Angeles and west of the Mississippi.
Immediately adjacent to the Harbor Freeway, the new building would rise to a record breaking 1,107 feet, just seven feet higher than the newly finished 1,100 foot tall Wilshire Grand.
The baseball franchise told the city in October it was exercising an opt-out clause in their lease with the stadium. After a new mayor and city council elected in November took over, the Angels and the city of Anaheim last month entered into a one-year lease covering the 2020 season to allow more time for discussions on arrangements at Angel Stadium.
Mayor Harry Sidhu said Tuesday his goal is to reach an agreement that would keep Angels at the stadium for another 50 years, the report said. Sidhu added he was looking for something that could provide “the biggest benefit to the residents, the city itself and works for the team as well.”
Angel Stadium was originally known as Anaheim Stadium and later Edison International Field of Anaheim. Since its opening in 1966, it has served as the Angels’ home ballpark, and was also the home stadium to the NFL’s Los Angeles Rams. The stadium is often referred to as The Big A and hosted the 1967, 1989, and 2010 Major League Baseball All-Star Games.
Anaheim last renovated Angel Stadium in 1998.
To learn more about Norris Realty Advisors, visit www.norrisadvisors.com.