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Ballpark village: why the A’s have no plan B
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A few days ago, Oakland Athletic’s owner Lew Wolff struck out on a fastball thrown by the one pitcher no one can hit—the economy.
Wolff, in an announcement a few days ago, has suspended or cancelled plans to build a new “ballpark village” in Fremont, moving the A’s out of their Oakland home. Reports say that he spent $24 million getting the proposed Cisco Field and surrounding development as far as he did.
What happened?
The story is actually bigger than one team or one owner. Not to say that Wolff didn’t have many obstacles to his plan. It’s just that forces bigger than him, namely the spiraling economy, made the development all but impossible. Four nationwide factors come into play on the project.
Public funding is on the injured waivers list. Wolff, like every other professional sports owner, would like the local community to kick in some money toward the development. There are arguments on both sides about whether this is a wise investment for a municipality to make, but those arguments aren’t in play these days. That’s because municipalities and counties are in fiscal trouble—big trouble—and are trying to figure out how to deliver the basics like police protection, trash pickup, and filling the potholes. There’s no extra cash for baseball parks under these circumstances.
Investors are staying in the dugout. Big projects like Cisco Field need big time investors to step up to the plate. But the funds and investors and REIT’s that are needed aren’t going to be there; it’s nothing to do with Oakland, the story is the same across the country.
The residential market is suffering a shut out. What’s that got to do with a ballpark? The proposed ballpark village (like others already constructed or underway) relies on a mix of residential properties to make the project “pencil out”. Without the condos, homes, and apartments that are a part of the development, you don’t have a project. Anyone noticed how the residential market is practically scoreless?
Ditto with retail development. Wolff’s baseball village depended on a substantial retail component to help pay for the stadium. Not only is retail striking out, many economists are questioning whether it will ever come back to pre-2008 levels. Wolff needed retailers but the retail roster is being cut.
Sure, there were local issues related to Fremont; the proposed development didn’t integrate with public transit for one. But the bigger, more global facts are why, for some time to come, the Oakland A’s look like they’re on a home stretch.
For more info: A's halt Fremont ballpark plans
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