East Bay Area Real Estate

Golden Gate Fields

Insidebayarea.com reports that Golden Gate Fields is heading to the auction block on April 3 and one commercial developer already has plans to raze the East Bay complex.

MI Developments Inc. has offered $195 million for a package of racetracks now owned by Magna, including Golden Gate Fields.

“If MID acquires the Golden Gate Fields property, it intends to immediately commence seeking all required approvals to develop the property for commercial real estate uses,” MI stated in regulatory documents it filed March 6.

If MI succeeds in its purchase, Golden Gate Fields would be headed for a shutdown once the developer wins approval for a redevelopment.

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