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FIELD OF DREAMS

FIELD OF DREAMS. Hospitality, Tourism, and Sports. FRENZIED NEW STADIUM CONSTRUCTION. Trend began in late 1980s w/ teams threatening to leave a market or not come into a market at all Team owners wanted facilities that would have myriad of revenue sources

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FIELD OF DREAMS

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  1. FIELD OF DREAMS Hospitality, Tourism, and Sports

  2. FRENZIED NEWSTADIUM CONSTRUCTION • Trend began in late 1980s w/ teams threatening to leave a market or not come into a market at all • Team owners wanted facilities that would have myriad of revenue sources • Many cities have opted to replace their multi-use stadiums with separate facilities for baseball and football

  3. CASE STUDIES • Denver • Coors Field • Pittsburgh • PNC Park • Heinz Field • St. Louis • New Busch Stadium

  4. COORS FIELD - DENVER

  5. THE DETAILS • Located in Denver’s Lower Downtown (LoDo) neighborhood • Owner: Denver Metropolitan Baseball Stadium District • Tenant: Colorado Rockies • Construction began in October 1992 • Opened in April 1995 • Seating capacity: 50,200 • Surface: Grass

  6. PROJECTFINANCING • $215 Million • Paid for with a sales tax increase • Coors Brewing Company purchased the naming rights to the stadium prior to its completion in 1995

  7. THE RESULT • Built within an urban context • All green seats w/ exception of a single purple row of upper deck seats • Has had a positive economic impact on the LoDo neighborhood

  8. PNC PARK - PITTSBURGH

  9. THE DETAILS • Located on the North Shore of the Allegheny River (Greater Downtown) • Owner: City of Pittsburgh Sports & Exhibition Authority • Tenant: Pittsburgh Pirates • Construction began in April 1999 • Opened in March 2001 • Seating Capacity: 38,365 • Surface: Grass

  10. PROJECTFINANCING • $262 Million • Part of an $803 million package developed to fund PNC Park, Heinz Field, retire the $40M debt on Three Rivers Stadium and demolish the stadium, and expand the David L. Lawrence Convention Center (called Regional Destination Development Plan or ‘Plan B’)

  11. THE RESULT • Stadium built with public $$ after long political debate • Often noted for its physical beauty – right field view offers a wide view of the Downtown Pittsburgh skyline • ESPN study named it ‘the best stadium in baseball’ • Host of the 2006 All-Star Game

  12. HEINZ FIELD - PITTSBURGH

  13. THE DETAILS • Located west of old 3 Rivers Stadium • Owner: City of Pittsburgh Sports & Exhibition Authority • Tenants: Pittsburgh Steelers & University of Pittsburgh Panthers • Construction began in June 1999 • Opened in August 2001 • Seating Capacity: 64,450 • Surface: Grass

  14. PROJECTCOST • $281 Million • Part of an $803 million package developed to fund PNC Park, Heinz Field, retire the $40M debt on Three Rivers Stadium and demolish the stadium, and expand the David L. Lawrence Convention Center (called Regional Destination Development Plan or ‘Plan B’)

  15. THE RESULT • Stadium built with public $$ after long political debate • Includes a massive 48’x27’ scoreboard • Home to many amenities such as several entertainment areas, team stores, restaurants, and a Steelers Hall of Fame

  16. FINANCING PLAN - PITTSBURGH

  17. NEW BUSCH STADIUM –ST LOUIS

  18. THE DETAILS • Located in Downtown St. Louis • Owner: St. Louis Cardinals • Tenant: St. Louis Cardinals • Construction began in January 2004 • Opened in Spring 2006 • Seating capacity: 46,000+ • Surface: Grass

  19. PROJECTFINANCING • $344.8 million • $45 million long- term loan from St. Louis County • $90.1 million from the Cardinals • $9.2 million in interest earned on construction fund • $200.5 million in bonds to be paid over a 22-year period ($15.9 million per year) • Anheuser-Busch agreed to a 20-year naming rights deal through 2025 season

  20. THE RESULT • Spectators have dramatic views of the Gateway Arch and downtown St. Louis skyline • Emerging urban neighborhood - Ballpark Village • Mix of uses to be created in Ballpark Village, including retail, entertainment, office, and residential facilities

  21. ROSENTRAUB’S FRAMEWORK FOR SUCCESS • Establish reasons for a new stadium • Provide framework for discussing use of public and private funds • Establish perspective on the team’s financial status & revenues anticipated from new facility • Identify public benefits generated by the team • Review implications of different financing options • Determine best location for new stadium

  22. ROMANI’S COMMENTS • Location, Location, Location • It’s All About Timing • Go Big Or Go Home • Have A Vision & Sell It Everyday • Build Your Team • Sprint Through The Finish Line • If You Built A Legacy, Treat It Like One

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