Photo by The Library of Congress
Golden Gate Fields is scheduled to be auctioned April 3, and one commercial developer (MI Developments Inc) already has plans to raze the East Bay complex. InsideBayArea.com reports that if the developer acquires the Golden Gate Fields property, it intends to immediately commence seeking all required approvals to develop the property for commercial real estate use.
However, both the developer and Golden Gate Fields said the track won’t close right away. “That is because the Bay Area development process typically requires three to five years of scrutiny. And in the case of Golden Gate Fields, a vote by Albany’s electorate might be required. Plus, market conditions could delay the start.”
Reported on InsideBayArea.com
Full Article: http://www.insidebayarea.com/bay-area-living/ci_11890730
The owner of Golden Gate Fields filed for Chapter 11 bankruptcy Thursday, and intends to sell multiple assets, including the horse racing track in the East Bay.
“It’s really business as usual for us,” said Robert Hartman, general manager of Golden Gate Fields. “We are open for business. There are going to be no changes. We plan for horse racing to be at Golden Gate Fields for a very long time.”
Some Albany city officials seek major changes at the track complex. The big parking lot next to the track has caught their eye in particular.
“The race track is not the best use of the property as a whole,” Albany City Councilman Robert Lieber said. “I hope the new owners of the racetrack will work with the city for something that benefits everyone.”
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