SMF - it is naive to think that if Pitt had the $$, boom! this would happen. One of my close friends spouse used to be the CEO of GE's real estate arm. We talked about this very scenario and he actually laughed - pointing to the politics that would hold this up. The City of Pittsburgh has NEVER "played nice" with Pitt. Suddenly they are going to agree to wide scale Oakland development without infrastructure change? And some of this land is owned by the City. They are just going to roll over and sell it? I'm sure Paco could address this in more detail, but it took YEARS for Pitt to acquire the land for the Athletic Fields behind Cost. YEARS. And that is just a fraction of the space we're looking at.
And several hundred million would just cover the construction, not land acquisition. Off the top of my head, I'd put a price tag of over $600-700 Million and at least 10 years (and that's only IF Pitt could jump all the political hurdles) for all of this.
Pitt bought the land that those new fields sit on from the county so of course that would be a challenge. But, eventually they did buy it, winning over private bids from real estate developers.
And the land Pitt would buy would be privately owned. Buying up some Oakland buildings would cost about $100 million. New stadium construction about $300 million. This is Oakland we are talking about, not Manhattan.
And you are kidding yourself if you dont think the city would agree to a revenue-generating stadium that they dont have to pay for. City governments LOVE stadiums, especially when they are free.