California lawmakers are moving forward with $125 million in state funding to help purchase the former Golden Gate Fields racetrack and transform the roughly 162-acre Bay Area property into a major public waterfront park, according to reporting by Albany Scanner and San Francisco Chronicle, as well as information from the East Bay Regional Park District (EBRPD). Gavin Newsom, is part of the state budget and would come from Proposition 4, the climate bond approved by California voters in 2024. The proposed state contribution would be a major step toward closing the gap on a $175 million purchase that could permanently change the East Bay shoreline.
The money still requires legislative approval and must be signed by Newsom before it is secured. The funding, proposed by Gov.
2027 to 2029 would be devoted largely to a public planning process, involving Albany, Berkeley, residents and other stakeholders, according to EBRPD. The property generated about $1.1 million annually in special revenues for the city and approximately $700,000 for Albany Unified School District, according to Albany’s analysis. But before the vision becomes reality, there is still a $30 million funding gap, legislative approval and years of planning ahead.
“This is an extraordinary opportunity to create a more connected system of parks and trails,” EBRPD General Manager Max Korten said. Residents should not expect to walk into a finished park immediately after the sale. For now, the proposal is explicitly centred on a public park. TPL and EBRPD say the property is not currently zoned for housing in Albany or Berkeley. The future park could include habitat restoration, recreation and other compatible uses, with the precise vision to emerge through the public planning process. The transformation could bring a major benefit to the region, but it also presents a financial challenge for Albany.
Before the racetrack closed, Golden Gate Fields was among the city’s significant commercial taxpayers.