Great America (Santa Clara, California) land sold and set to close within 11 years

[bcla]

https://abc7news.com/california-gre...1-years-ca-land-sold-greatpro-logis/11999946/

I remember when the land was sold back in the 1980s and the plans to build office buildings was nixed on the premise that the traffic (before State Route 237 was a freeway) would be made worse. Eventually the developer sold it to the city. It does seem kind of odd that this is still there when Silicon Valley and residential developments ate up whatever was available. Odd that the timeline is for up to 11 years where it will still operate.

Cedar Fair actually owned the land. It got interesting after Levi's Stadium was build next door and pretty much closes the park on event days so that their parking lot can be used as stadium parking.

Also - the Amtrak station a block away might need to be renamed. Perhaps also Great America Parkway.

https://www.amtrak.com/stations/gac
https://www.google.com/maps/place/G...ea1ef51954e84!8m2!3d37.4026108!4d-121.9776422

 

[Silver saucer]

I remember going there as a kid when it opened and it was Mariotts Great America.

 

[RangerPooh]

My dad still calls it Marriott’s. As a teen we’d take bus route 68 to light rail and walk from the station across the street. Dad would pick us up on his way home from work. Got use out of our season passes.

I’m wondering if it will even last more than 5 years before they close it? At what point will they stop investing in it?

Sad to see it go, but land is worth more than an amusement park.

 

[Chupaca bruh]

More hotels to support the stadium. And room for more business park.

 

[MillauFr]

I'm surprised they got a stadium that is used a dozen times per year to pencil out on that property. What is land going for down there???? Like $50m an acre? What a waste to put a stadium or an amusement park on such valuable land.

 

[Meriweather]

I remember when it opened.
Some fun times there.

 

[bcla]

I'm surprised they got a stadium that is used a dozen times per year to pencil out on that property. What is land going for down there???? Like $50m an acre? What a waste to put a stadium or an amusement park on such valuable land.

It's 100 acres and the sale is $310 million. The parking lot was (and may still be?) owned by the city.

I also found other mentions that Cedar Fair bought the land from the city of Santa Clara in 2019. The city has owned the land since the 1980s. They had brought in several outside companies after Marriott bailed. First it was Kings Entertainment before Paramount bought them out, and finally Paramount selling their theme park operations to Cedar Fair.

I do recall Paramount more or less bailing out the former Bonfante Gardens in Gilroy, which is currently Gilroy Gardens. But it's owned by the city of Gilroy. I think they had a joint annual pass at one time with Great America.

 

[bcla]

 

[MillauFr]

I wonder how Knotts Berry Farm and Magic Mountain can survive sitting on property worth hundreds of millions maybe even a billion dollars.

 

[MillauFr]

It's 100 acres and the sale is $310 million. The parking lot was (and may still be?) owned by the city.

How can they only get $3m an acre in the Bay Area when in Seattle property zoned for 6 story apartments gets $50m an acre. I find it shocking that property in the Bay Area is valued that low.

 

[bcla]

How can they only get $3m an acre in the Bay Area when in Seattle property zoned for 6 story apartments gets $50m an acre. I find it shocking that property in the Bay Area is valued that low.

It seems like a complicated arrangement where there's a leaseback to Cedar Fair. So they're not getting use of the land for development right away. Also - I looked up the acreage at 100 acres, but what I saw may include the parking lot, which might not be included.

Also - this isn't exactly a crowded downtown area. And it's getting kind of odd in Silicon Valley because now there might not be such demand for office space.

 

[tvguy]

. Odd that the timeline is for up to 11 years where it will still operate.

11 years is because that is how much longer is left on the lease and by law the new owners have to honor the lease.

 

[Luv Bunnies]

I remember when it first opened as Marriot's. I used to enjoy the park as a kid, and then enjoyed taking my own kids. One of my sons worked there one summer, operating the Demon roller coaster. One of his jobs was to ride it every morning before opening to check the tracks and surrounding areas. He was thrilled to actually get paid to ride a roller coaster! At least we still have 11 years to enjoy it, but I have a feeling it's going to start going downhill. Why spend money on refurbishments and upkeep when it's eventually going to be torn down?

 

[bcla]

11 years is because that is how much longer is left on the lease and by law the new owners have to honor the lease.

Seems rather odd since Cedar Fair bought the land from the city. I would have thought that they would have voided any lease as moot.

 

[tvguy]

Seems rather odd since Cedar Fair bought the land from the city. I would have thought that they would have voided any lease as moot.

Not odd. The law says a new owner of any property has to honor an existing lease.
Doesn't mean that the park and the new owners couldn't negotiate an early end of the lease, likely by the new owners paying the park to end the lease.

 

[barkley]

such great memories there. got in several times for free b/c they would make a deal with school marching bands to do a performance and then allow us to remain in the park for the remainder of the day (much better than the california state fair-unpaid performers were only given a ticket that allowed us entry 2 hours before our evening performances ). i remember the 5 cent root beers fondly. the concerts there were really eclectic-dh remembers sitting in the parking lot listening to oingo boingo (i honestly don't remember anyone paying for the concerts-just going to the park the day of and then relocating to the parking lot to pseudo tailgate and listen to the concerts

 

[Walt's Dream]

I remember when it opened and went many times. My sister later there for a couple of years.

 

[bcla]

Not odd. The law says a new owner of any property has to honor an existing lease.
Doesn't mean that the park and the new owners couldn't negotiate an early end of the lease, likely by the new owners paying the park to end the lease.

Leases can be voided or the terms changed with the consent of both parties. As a landlord I've done that myself when asked to let someone out of a lease early.

In this case the tenant (Cedar Fair) became the new landlord and could have just scrapped the entire lease terms. The lease terms would have been originally been with the city of Santa Clara.

 

[bcla]

such great memories there. got in several times for free b/c they would make a deal with school marching bands to do a performance and then allow us to remain in the park for the remainder of the day (much better than the california state fair-unpaid performers were only given a ticket that allowed us entry 2 hours before our evening performances ). i remember the 5 cent root beers fondly. the concerts there were really eclectic-dh remembers sitting in the parking lot listening to oingo boingo (i honestly don't remember anyone paying for the concerts-just going to the park the day of and then relocating to the parking lot to pseudo tailgate and listen to the concerts

We went there during the 80s for one of their "Physics Day" events. We got a presentation from their chief engineer, and he told the story of how they tested and damaged The Tidal Wave with sandbags before they had it certified for the public to ride. When it was inverted with the sandbags and slowed down too much at the top, the bags fell and dumped sand on the track, which they had to clean up including regressing the wheel bearings. Only they used too light a grease and it hit the top. I guess there were a lot of repairs, but they eventually figured it out.

The best part of the day was re-ride passes where one could hand a pass and ride again. We got 5 each and I think I used 3. Our teacher had all the unused ones and he said he rode The Demon about 12 straight times, with the same person waiting since they only had one train. I heard in later years it became a closed event because members of the public were complaining about the use of these passes.

 

[tvguy]

Leases can be voided or the terms changed with the consent of both parties. As a landlord I've done that myself when asked to let someone out of a lease early.

In this case the tenant (Cedar Fair) became the new landlord and could have just scrapped the entire lease terms. The lease terms would have been originally been with the city of Santa Clara.

Yes, that is what I said. But if the tenant doesn't want to terminate the lease, the landlord has to honor it.