The Oakland A’s have finally found a new home.

After nearly 50 years of playing at the Oakland Coliseum, the Bay Area MLB team has settled on a 13-acre plot of land near Laney College where it hopes to build a privately financed $500 million stadium.

“Finally we got our site,” A’s president Dave Kaval told the San Francisco Chronicle. “It’s really the strongest location when it comes to private financing, and that’s really an important component to be successful.”

According to the Chronicle, the A’s hope to have the 35,000-seat stadium completed by 2023, but that depends on crafting a deal with Peralta Community College District, which currently owns the site. The current Oakland Coliseum opened in 1966 and features a 66,132 seats.

From AB: Spectator Venues Are Realizing the Benefits of Downsizing Seating Capacity

In a letter to Peralta stating the A’s intentions, Kaval wrote that the site “represents the best opportunity to keep Oakland’s last professional sports team in Oakland for the long term,” stressing that “the A’s need a modern venue so that we can put the most competitive product on the field and provide the best experience for our fans.” 

Any deal would hinge on Oakland Alameda County Coliseum Authority’s approval and would also require finding a new 50,000-square-foot site for Peralta’s new headquarters.

Andy Berg is Executive Editor of Athletic Business.