Mar 19 2009
Golden Gate Fields on the Auction Block
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.”
