Overview
- The Trust for Public Land, which announced the $175 million purchase option Tuesday, plans to acquire the 161-acre former Golden Gate Fields site and transfer it to the East Bay Regional Park District to create a new public waterfront park.
- The agreement provides about a year for due diligence and fundraising, with the park district pledging $20 million as the trust pursues California Proposition 4 climate-bond funds and private donations to complete the purchase.
- Under the deal, current owner The Stronach Group must demolish the grandstand, stables and other above‑ground buildings before transfer on the parcel that spans Albany and Berkeley next to the Bay Trail.
- If financing and reviews line up, the parties target an early 2027 closing, after which design, environmental cleanup and community input would take several years, with public access projected roughly five years after closing.
- Backers highlight shoreline access, habitat restoration and flood resilience, while critics press for housing on the site as Albany weighs lost fee and tax revenue and local zoning limits new residential development.