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O.C. fairgrounds: Highest bid comes in at $56.5 million
Craig Realty Group of Newport Beach submits the winning offer.
By Kristen SchottPublished: January 14, 2010 11:27 AM
Protesters gather outside the O.C. fairgrounds auction.Craig Realty Group's $56.5 million offer was the winning bid for the Orange County fairgrounds during this morning's public auction of the property. But that's far below the $180 million value the state had given the 150-acre venue.
Costa Mesa and the County of Orange had submitted a joint bid of $6.5 million, which was unveiled during the auction. Councilwoman Katrina Foley says the initial high bid of $55 million (submitted by Facilities Management West) was above the amount approved by the city and county. And, she wasn't happy about the outcome of the auction.
"At this point, it's a worst-case scenario," states Foley.
She says it doesn't make sense to sell a property that is worth so much to the state and the county for so much less than its value.
The grounds garner about $185.2 million a year for the state, according to Foley, who voiced concerns over Craig Realty Group's intentions.
The Newport Beach-based real estate developer owns and operates the Citadel Outlets in L.A., Cabazon Outlets in Palm Springs and other developments in six states. And though it's unclear what the firm plans to do with the venue, President and CEO Steven Craig did say he is "happy to keep the fair here."
He says the firm would like to enhance the property.
"I will not support an outlet mall here," says Foley. "It would mean fewer opportunities for small businesses."
Other local individuals and protesters – dozens of whom showed up at the auction – had similar reactions.
"We feel there's no way in good conscience that the governor could accept the bid," adds Brian Lochrie, spokesman for the O.C. Fairgrounds Preservation Society.
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Protesters gather outside the O.C. fairgrounds auction. Costa Mesa and the County of Orange had submitted a joint bid of $6.5 million, which was unveiled during the auction. Councilwoman Katrina Foley says the initial high bid of $55 million (submitted by Facilities Management West) was above the amount approved by the city and county. And, she wasn't happy about the outcome of the auction. "At this point, it's a worst-case scenario," states Foley. She says it doesn't make sense to sell a property that is worth so much to the state and the county for so much less than its value. The grounds garner about $185.2 million a year for the state, according to Foley, who voiced concerns over Craig Realty Group's intentions. The Newport Beach-based real estate developer owns and operates the Citadel Outlets in L.A., Cabazon Outlets in Palm Springs and other developments in six states. And though it's unclear what the firm plans to do with the venue, President and CEO Steven Craig did say he is "happy to keep the fair here." He says the firm would like to enhance the property. "I will not support an outlet mall here," says Foley. "It would mean fewer opportunities for small businesses." Other local individuals and protesters – dozens of whom showed up at the auction – had similar reactions. "We feel there's no way in good conscience that the governor could accept the bid," adds Brian Lochrie, spokesman for the O.C. Fairgrounds Preservation Society. NEXT PAGE >> Related headlines Anaheim officials may reduce compensation to Visitor & Convention Bureau Fight to save O.C. fairgrounds continues Touchdown for O.C.'s economy Great Anaheim Apps Challenge lauds winners |
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