Governor Newsom Approves $125 Million for Golden Gate Fields Park Conversion
Governor Gavin Newsom has signed a budget bill allocating $125 million in state funding towards the acquisition of the former Golden Gate Fields racetrack property. This funding, sourced from a state parks and climate bond, will support the plan to transform the 161-acre site, located on the Berkeley-Albany border, into a new waterfront public park. The Trust for Public Land, a San Francisco nonprofit, secured a deal to purchase the property for $175 million, with the intention of transferring it to the East Bay Regional Park District. The district has committed an additional $20 million, and the Trust is actively fundraising for the remaining amount. The Stronach Group, the current owner, has agreed to demolish existing structures as part of the purchase agreement.