The former home of the Oakland Athletics baseball team in California's Bay Area could join the ranks of sports-anchored redevelopments taking place across the country following a potential sale of the stadium to a local development group.

The city of Oakland confirmed to CoStar News it intends to sell its 50% portion of the Coliseum to African American Sports and Entertainment Group (AASEG), a local investment and development group, for at least $105 million.

AASEG is now in negotiations with the Oakland A’s for the remaining rights to the Coliseum, a 112-acre property that first opened in 1962 as part of partnership between the city of Oakland and Alameda County. The county sold its 50% stake to the A's team in 2019.

If AASEG gains control of the Coliseum, it intends to repurpose the complex in a $5 billion project that aims to add new sports facilities, entertainment venues, a hotel and housing, reports indicate.

AASEG did not respond to a request to comment from CoStar News.

The group could join a growing number of developers seizing on the trend of sports-anchored entertainment developments, with similar projects taking place in California and other states like Nevada, Tennessee and Florida.

Oakland hoped to work with the A’s to sell the entire stadium in one deal, but it moved ahead with a sale quicker than expected to avoid department cuts and other impacts of a looming budget deficit, according to the San Francisco Chronicle.

City officials were preparing to move ahead with a plan that could have involved closing four fire stations, reducing the staff of the police and other city departments, according to reports. The sale allows Oakland to move ahead with a new budget that does not include any job cuts, local reports note.

Oakland’s commercial real estate market is facing record occupancy losses as businesses left the city’s downtown area in mass during the COVID-19 pandemic. The office sector is posting an 18% vacancy rate, a 25-year high, according to CoStar data.

The East Bay’s retail sector is faring better with a 6% vacancy rate, though that figure still trails pre-pandemic levels.

ASSEG’s plans for an entertainment-focused retail hub could provide a boost to the region, with demand for the product type growing in popularity in the wake of the pandemic, according to a JLL report.

Spending on dining out in the United States grew by 14% last year and spending at amusement parks and arcades grew by 21%, the report shows. Entertainment retail is expected to fill 9.1 million square feet of commercial space in the U.S. and Canada by next year.

It's not the first time that officials are exploring a different future for the Coliseum, with plans once underway for a new, 30,000-seat stadium to be built as part of a redevelopment of the Port of Oakland, before the A's received approvals in November to relocate to Las Vegas.

The prior proposal called for redeveloping the Port of Oakland into a community featuring 3,000 residential units, 1.5 million square feet of office space, 270,000 square feet of retail, a 3,500-seat performance theater, a 400-room hotel and 18 acres of public open space alongside the new stadium.

The team, currently in its last season in Oakland, is expected to move into a new, $1.5 billion stadium in Las Vegas in 2028. The Tropicana Las Vegas hotel will be demolished to make way for the facility.

Other sports-centered redevelopments taking place in the country include the redevelopment of nearly 100 acres surrounding the Honda Center — a city-owned hockey arena in Anaheim, California — into a sprawling mixed-use hub slated to include nearly 2,000 residential units, offices and other commercial uses. The nearby Angels baseball stadium was once envisioned for a redevelopment of its own, though it's unclear where those plans, headed by team owner Arte Moreno, stand.

In Tennessee, Nashville officials earlier this year submitted a proposed agreement for a $1.6 billion mixed-use development next to the Tennessee Titans’ new football stadium, now under construction.

In Florida, the Tampa Bay Rays in September announced plans to build a new stadium as part of a sweeping development project that incorporates apartments, offices and commercial space.