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OAKLAND, Calif. (KGO) -- There are plans and a new vision for Oakland's Coliseum complex. An African-American led sports and entertainment group has entered an agreement with the city to help bring affordable housing, retail and possible new professional sports teams to the site. But, the land sale and redevelopment plan could be complicated because the Oakland A's still own half of the property.

There's a new plan and vision for Oakland's aging Coliseum complex, which could bring a $5 billion megaproject to the 200-acre site with sports, entertainment, a hotel and new housing.

"We're talking about affordable housing, so that we can keep those who have lived here in Oakland for generations, so their families can continue to live here," said Oakland Mayor Sheng Thao.

The city has entered an exclusive development agreement, with AASEG, a Black-owned development team led by East Oakland native Ray Bobbitt who wants equity to be the focus.

MORE: 30,000 jobs coming to Oakland with Coliseum development after A's lease expires

"It's an opportunity for the African American Community to create employment in an area where a lot of us grew up in," said Ray Bobbitt from African American Sports and Entertainment Group.

Bobbitt's group says the renovated coliseum site could play host to concerts and professional sports teams, including an WNBA franchise.

"Right now, we're trying to get as many bids in so we can potentially have a team here, hopefully there's an announcement shortly," said former WNBA player Alexis Gray-Lawson.

The project could bring some much-needed tax revenue to the city. But any plans to redevelop the area would require approval from the Oakland A's, which owns about half site. Team representatives did not attend Thursday's news conference.

MORE: Oakland A's one step closer to new stadium at Howard Terminal after crucial vote

"This party is going to try and work with the A's to come together, in terms of what we can do to develop this land," said Oakland City Councilmember Noel Gallo.

The A's have a lease to play their games at the coliseum until 2024, and are still negotiating with the city to build a new ballpark at Howard Terminal.

"Certainly, the A's are welcome to be a part of this, I want to make it clear, they're not being kicked out. We welcome them be a part of revitalization of the site," said Oakland City Councilmember At-Large Rebecca Kaplan.

The group has two years to come up with a redevelopment plan, Ray Bobbitt says the opportunity is amazing for his hometown.

"It's a great way to kick off Black History Month, I can't tell you how much it means," said Bobbitt.

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