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Land swap by racetracks gains with letter of intent
ALBANY - A land swap between the owners of Golden Gate Fields in Albany and Bay Meadows Racetrack in San Mateo is a step closer after a letter of intent last week between Catellus Development Corp., which owns Golden Gate, and California Jockey Club (CJC), the real estate investment trust that owns Bay Meadows.
If the deal proceeds, Catellus will swap 70 acres of land on the Bay Meadows site in San Mateo for the 201-acre Golden Gate Fields property on the Albany-Berkeley line. Most of the remaining 65 acres at Bay Meadows would be sold to Catellus at a price to be determined, a Catellus spokeswoman said. …