The area would be transformed into a new sports and entertainment district with the goal of keeping the Oakland A's, Raiders and Golden State Warriors in Oakland.
At City Hall a rally was held to honor the 2013 AL West champion Oakland Athletics as they chase their fifth World Championship in this year's Major League Baseball playoffs.
Mayor Jean Quan and some A's legends were on hand to fire up the crowd in advance of the ALDS that begins Friday at 6:37 p.m. vs. the Detroit Tigers in Oakland.
There was extra excitement in the crowd after Quan revealed the city attracted deep-pocketed investors from Dubai who were interested in pursuing the Coliseum City project. The sports center would be located on the shoreline across from the existing facility.
"So we're very excited. This is exactly the kind of investor that we wanted. And we're right on target to taking this to council for their approval," said Quan.
The city is hoping these new developments could entice the A's current ownership from wanting to leave the city.