East Bay Regional Park District Approves $175 Million Deal for Golden Gate Fields
The East Bay Regional Park District board voted unanimously Wednesday to approve a $175 million deal to acquire the former Golden Gate Fields racetrack, moving to transform the 162-acre bayside site into a public park, Berkeleyside reported. The racetrack, which sits across Albany and Berkeley with about three-quarters of the property in Albany, closed in June 2024 after operating for more than 80 years.
State Sen. Jesse Arreguín, who led efforts to secure state funding for the project, described the transaction at the meeting as an opportunity of statewide significance. He noted the goal is to establish a bayside asset comparable to San Francisco’s Crissy Field. Gov. Gavin Newsom previously approved $125 million in state Proposition 4 climate bond funding to purchase the land from the Stronach Group, which has owned the property since 1999.
Funding Sources and Purchase Deadlines
The remaining $50 million needed for the acquisition consists of $20 million from the park district’s Measure WW funds—approved by the district board alongside the transaction—and $30 million in pending donations and grants. Allison Brooks, the park district assistant general manager for external affairs, stated that the $30 million figure includes an expected $25 million grant from the San Francisco Bay Restoration Authority. The seller has mandated an end-of-year purchase deadline, establishing a tight schedule for the final closing.
East Bay park officials are set to vote Tuesday on a deal to acquire Golden Gate Fields "as-is," without environmental testing before the $175 million purchase. MORE: https://t.co/iSKqALsdEE
The Trust for Public Land is acting as a pass-through owner, purchasing the land from the Stronach Group before transferring the property directly to the park district early next year. However, final disbursements remain contingent on upcoming approvals from two state agencies within the California Natural Resources Agency: the State Coastal Conservancy, which is providing $60 million, and the Wildlife Conservation Board, which is allocating $53 million.
Proposition 4 funding mandates habitat restoration
Proposition 4 funding carries strict requirements, mandating that the majority of the money go toward habitat restoration and enhancement rather than general park development. Planners intend to return parts of the site to the historic wetlands that existed before development reshaped the bay shore in the 1880s. The property sits on Fleming Point, a rocky promontory that was dynamited in the 1930s to fill surrounding wetlands.
Whitney Grover of the Golden Gate Bird Alliance emphasized at the meeting the ecological importance of restoring coastal bird habitat along the Pacific Flyway. While habitat work is mandated by the state bond, other revenue streams like Measure WW offer more flexibility for traditional park amenities. As part of the acquisition agreement, the seller is required to demolish all existing structures on the property, excluding the parking lot, before the end of the year.
Albany faces $2 million annual tax loss
The transition from a commercial racetrack to a public park carries financial consequences for the surrounding municipalities. The city of Albany faces an estimated $2 million annual loss in tax revenue following the closure and subsequent public acquisition. City officials and local residents have urged the park district to explore mitigation measures to offset this deficit.
Public planning for the site will begin shortly after the acquisition is finalized. While the park will not be incorporated into the existing McLaughlin Eastshore State Park established in 2002, it will sit directly contiguous to it, with the Bay Trail running through both areas. The district plans to implement interim uses for the property to prevent it from sitting idle while long-term designs are evaluated.
Frequently Asked Questions About the Golden Gate Fields Park Project
Who is currently financing the purchase of the Golden Gate Fields property?
The $175 million acquisition is funded by $125 million from state Proposition 4 climate bond funds, $20 million from the park district’s Measure WW bond, and $30 million in anticipated grants and donations, which includes a projected $25 million grant from the San Francisco Bay Restoration Authority.
When did Golden Gate Fields close operations?
The racetrack permanently closed in June 2024 after operating for more than 80 years of horse racing on the bayside site.
Who will own and manage the new public park?
The Trust for Public Land is initially purchasing the property from the Stronach Group and will immediately transfer ownership to the East Bay Regional Park District.
How much of the property is located within Albany?
Approximately three-quarters of the 162-acre site is situated in Albany, with the remainder located in Berkeley.
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