Al Malik Partners with Colony Capital LLC to develop Oakland’s Coliseum City project, a major multi-billion Dollar transformation of the city’s pro sports stadiums and surrounding area
Largest Mixed-Use Urban Center in Oakland to Include World-Class Football, Baseball and Basketball Venues Surrounded by Retail, High-Rise Residential and Waterfront Development
Dubai – United Arab Emirates: An investment group led by Hayah Holdings (“Hayah”) and Colony Capital (“Colony”) plans to develop an 800-acre urban center in Oakland, California. The proposed development will create a mixed-use urban district at the current site facilities of Oakland’s NFL team the Oakland Raiders, baseball team the A’s and NBA team Golden State Warriors. The district would integrate sports, retail, entertainment, housing and hotels in a single location. The multi-billion dollar project, targeted for completion in phases over the next 10 years, is the largest transit-oriented development ever undertaken by the City of Oakland.
The investor group will work with a team currently undertaking feasibility work on the project, comprising urban planners and architects JRDV, HKS and development and real estate firm Forest City. Hayah and Colony have formed Bay Investment Group LLC, an entity to take over the master development of the project under an extended exclusive negotiating agreement with the City of Oakland.
This development has the potential to create one of the country’s largest urban centers given its size, central Bay area location, and its unprecedented transit infrastructure. As a regional mixed-use entertainment destination center, Coliseum City would become a major economic catalyst for the City and the region, beyond the current sports franchises, and could generate tens of thousands of paying jobs in growth industries such as biotechnology, life sciences, research and development, multimedia and other growth sectors.
“I’m thrilled to see these powerhouses aligning behind our shared vision for Coliseum City, which would be the largest transit-oriented development project in California,” Mayor Jean Quan said. “This exciting possibility highlights the surge in investor interest in Oakland we’ve seen in recent months, and I’m looking forward to working with our City Council to move this great opportunity forward.”
“We have been searching for an opportunity like this in the United States for several years,” said Rashid Al Malik, Chairman and CEO of Hayah. “We share the City of Oakland’s and Mayor Quan’s long stated vision to transform the Coliseum site and create a larger district surrounding it with a new economic base and a catalyst for sustained job growth. The Bay Area is ready for this project to happen.”
Hayah Holdings is led by Mr. Rashid Al Malik who is the company’s Founder, and currently its Chairman and CEO. He has several years of corporate development experience having been responsible for the concept and strategic plan for Dubai Aerospace Enterprise (DAE), a global aviation corporation that was founded by the Dubai government in 2006.
Hayah’s partner Colony Capital is an international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies. Its Founder, Chairman and CEO Tom Barrack, said “We are very enthusiastic about the opportunity to work in partnership with the City of Oakland, Rashid Al Malik and Hayah Holdings, to develop this unique property, which we expect will become a transformational and vital urban residential, sports and entertainment center for this city.”
As Chairman of Colony Capital, Mr. Barrack who is of Arab Lebanese origin, has invested approximately $50 billion in assets around the globe. Today, Mr. Barrack oversees a global organization located in 12 cities and 9 countries.
Prior to the formation of Colony, Mr. Barrack was a principal with the Robert M. Bass Group, the principal investment vehicle of the Fort Worth, Texas investor Robert M. Bass. Mr. Barrack also served in the Reagan administration as Deputy Undersecretary of the Department of the Interior. Additionally, French president Nicolas Sarkozy awarded him France’s Chevalier de la Légion d’honneur. Mr. Barrack sits on various private and public boards around the world including First Republic Bank.
Colony and Hayah bring a wide range of investment capital from the United States, the GCC region and other global centers, as well as extensive national and international real estate experience. Colony Capital’s sports related investments include acquisitions of Japan’s Fukuoka Daiei Hawks professional baseball club and the Paris St. Germaine football club.
“This is a challenging and complex project, representing an exciting opportunity to create a vital urban residential and entertainment center, and we are embracing the prospect of making it a reality,” added Al Malik.
About Hayah Holdings:
HayaH Holdings is a private investment company based in Dubai, UAE with strong connections in the Gulf Co-operation Council (GCC) region. The company was formed in 2011 to identify investment and development opportunities in established markets such as the United States and Europe. It has a particular focus on large, mixed-use real estate developments especially those of a transformational nature and with a significant sports and entertainment content and infrastructure developments such as the south corridor in Armenia for railway and highway through HayaH Resources.
About Colony Capital, LLC:
Founded in 1991 by Chairman and Chief Executive Officer Thomas J. Barrack, Jr., Colony Capital is a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies. The firm has invested $50 billion in over 22,000 loans/assets through various corporate, portfolio and complex property transactions. Colony has a team of more than 400 and is headquartered in Los Angeles, with offices in New York, Boston, Scottsdale, London, Madrid, Paris, Rome, Beirut, Hong Kong, Seoul and Taipei. For more information, visit www.colonyinc.com.