We are committed to improving the fan experience and have invested more than $4 million in renovations to the Coliseum this season. We will continue to make additional improvements to the Coliseum, however, a new facility is necessary to compete at the top level for the long term. With a new ballpark, we will develop and build a competitive team to bring you championships.
We are evaluating three potential locations in Oakland: the Coliseum site; Howard Terminal, which is currently an industrial area used for shipping and container storage that is a few blocks northwest of Jack London Square; and Peralta, an area several blocks below the Lake Merritt BART station that currently includes warehouses, parking lots and administration offices for the Peralta Community College District.
We want to build a ballpark that is intimate and authentic. We want this ballpark to not only be a defining icon for Oakland but also a point of pride for residents, fans and our community. You have an opportunity to help contribute to design through this website and our other outreach activities.
We will announce our ballpark location and construction timeline this year.
Our new ballpark will be privately financed.
We will announce more details about the timeline later this year. We want to open a new ballpark as soon as possible. This project is a generational decision and it is important we take the time to have a thoughtful, inclusive and thorough process.
Oakland has been our home for 50 years and we look forward to our next 50 years and beyond. We want to make sure a new ballpark will provide a dynamic benefit to our community. We recently commissioned an economic impact report to understand the benefits a new ballpark could have on Oakland. The report determined Oakland residents and businesses would reap approximately $3 billion in economic benefits over the first 10 years from the construction and operation of a new privately financed ballpark. Building the ballpark would also create 2,000 construction jobs, many of which would go to local workers and businesses. You can read more about our economic impact report here.
Please share with us what you would like in a new ballpark. We are engaging the community daily and will have numerous opportunities for our fans to contribute and participate in this process.