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California strikes deal to buy Golden Gate Fields horse track for public park

California strikes deal to buy Golden Gate Fields horse track for public park

Built World San Francisco, CA local

$125 million from climate bond would fund purchase of 161-acre East Bay shoreline site

September 1st, 2026: Lawmakers strike $125M funding deal

Overview

Updated Sep 4

California lawmakers agreed to divert up to $125 million in climate bond money to buy Golden Gate Fields, the defunct 161-acre horse track along the East Bay shoreline in Albany and Berkeley. The deal, folded into the state budget bill, would hand the land to the East Bay Regional Park District for a public park.

The money comes from Proposition 4, the $10 billion climate bond voters approved for drinking water, wildfire prevention, and land conservation. Environmental advocates and at least one budget lawmaker warn the diversion drains those promised priorities.

Why it matters

The $125 million diversion pulls voter-approved climate money away from water, wildfire, and conservation projects to fund a park purchase.

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Key Indicators

$125M
Proposed state funding from Prop 4
Cap on climate bond money diverted to buy the track under AB/SB 113.
$175M
Appraised property value
Includes removal of all above-ground structures by current owner The Stronach Group.
161 acres
Site size
31 acres are submerged; majority sits in Albany, about 40 acres in Berkeley.
$20M
Park district commitment
Comes from Measure WW, the 2008 voter-approved bond that set aside funds for this acquisition.

Voices

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People Involved

Gavin Newsom
Gavin Newsom
Governor of California
Backing the acquisition
 Jesse Arreguín
Jesse Arreguín
State Senator (D-Berkeley)
Championing the deal
 Eloise Gomez-Reyes
Eloise Gomez-Reyes
State Senator (D-San Bernardino), chairs Senate budget subcommittee on resources
Concerned about the funding source
 Annie Burke
Annie Burke
Executive Director, TOGETHER Bay Area
Opposing the diversion

Organizations Involved

Trust for Public Land
Trust for Public Land
Nonprofit land conservation organization
Leading the purchase

National nonprofit securing the option to buy the track and transfer it to the park district.
East Bay Regional Park District
East Bay Regional Park District
Public park agency
Future owner and steward

Will own and manage the site once purchased, using $20 million committed by Measure WW.
The Stronach Group
The Stronach Group
Canadian real estate and racing company
Current owner

Owned and operated Golden Gate Fields until its 2024 closure; selling the land.

Timeline

January 1941 September 2026

8 events Latest: September 1st, 2026 · 1 week ago
Tap a bar to jump to that date

  1. Lawmakers strike $125M funding deal

    Latest Legislation

    AB/SB 113 includes up to $125 million from Prop 4; deal backed by Newsom, faces climate-funding concerns.

  2. Newsom proposes state funding

    Budget Proposal

    Governor's May budget plan calls for state to cover most of the purchase cost.

  3. TPL announces $175M purchase plan

    Announcement

    Nonprofit details plan to buy land, transfer deed to park district, create public park.

  4. Trust for Public Land signs option agreement

    Acquisition

    Nonprofit gains exclusive right to buy the property for park use.

  5. Golden Gate Fields closes

    Closure

    Horse racing ends after 83 years as interest in the sport dwindles.

  6. Voters pass Measure WW

    Ballot Measure

    Park district bond sets aside $20 million for eventual shoreline park acquisition.

  7. Stronach Group buys the track

    Ownership

    Canadian company acquires the property and operates it for 25 years.

  8. Golden Gate Fields opens

    Opening

    Horse racing track begins operations on the Albany-Berkeley shoreline.

Scenarios

1

Budget passes; Golden Gate Fields acquisition completes

Likely Resolves by Q2 2027

Discussed by: East Bay Regional Park District, Trust for Public Land, Newsom administration

AB/SB 113 passes with the $125 million intact. State funds plus the district's $20 million and TPL's $30 million raise reach the $175 million target. The purchase closes by early 2027, the deed transfers to the park district by spring, and public planning begins for the shoreline park.

2

Climate bond diversion stalls or reverses

Unlikely Resolves by End of 2026

Discussed by: TOGETHER Bay Area, Sen. Eloise Gomez-Reyes, environmental advocates

Advocates press lawmakers to strip or cut the $125 million allocation, arguing Prop 4 money belongs to water, wildfire, and conservation grants. If they succeed, state funding falls below what's needed. The deal would collapse unless private donors cover the gap.

3

Acquisition stalls on funding shortfall

Possible Resolves by Jan 31, 2027

Discussed by: Trust for Public Land, East Bay Regional Park District

TPL fails to raise the remaining private funds, or the option agreement expires before the purchase closes. The track stays with The Stronach Group and the park vision delays by years until a new buyer or funding package emerges.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

October 1994

Presidio of San Francisco (1994)

The U.S. Army handed the 1,400-acre Presidio to the National Park Service, ending two centuries of military use. A new trust took over to convert the base into a national park.

Then

Federal agencies and a public trust assumed stewardship; decades of cleanup and redevelopment followed.

Now

The Presidio became one of the most-visited units of the national park system and the model for large military-base-to-park conversions.

Why this matters now

Like Golden Gate Fields, a vast, fenced-off shoreline property was turned into permanent public parkland, showing both the potential and the slow, costly path of such conversions.

May 2001

Crissy Field (2001)

The Golden Gate National Parks Conservancy raised millions to restore the former Army airfield at the Presidio into 55 acres of tidal wetlands, dunes, and beach.

Then

The site reopened to the public with restored habitat along the Bay shoreline.

Now

It became a template for nonprofit-public partnerships funding park restoration, cited repeatedly in Bay Area land campaigns.

Why this matters now

A nonprofit raised money for a shoreline restoration and then handed stewardship to a public agency, the same structure TPL and the park district are using at Golden Gate Fields.

June 2009

The High Line (2009)

An abandoned 1.45-mile elevated freight rail line on Manhattan's West Side reopened as a public park after a nonprofit, Friends of the High Line, fought to save it from demolition.

Then

The park drew millions of visitors and sparked a wave of nearby development.

Now

It became the global symbol of repurposing obsolete infrastructure for public recreation, inspiring similar projects worldwide.

Why this matters now

Shows how a defunct private piece of infrastructure can find new life as a destination park, and how that transformation reshapes surrounding neighborhoods.

Sources

(4)
KQED CalMatters via Water Education Foundation ABC7 San Francisco (KGO) East Bay Regional Park District