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SBD/Issue 165/Facilities & VenuesPrint All
Cowboys Set Ticket Prices For New Stadium
COWBOY UP: In Ft. Worth, Ahles & Claunch write the average price for seats at the new stadium represents a 6.7% increase over Texas Stadium prices, and the non-club seats are "considerably less expensive than the 15,000 club seats that went on sale in November." Cowboys VP/Sales & Marketing Chad Estis: "We feel we've put together a pricing model that will be very well-received by our current customer." Ahles & Claunch note the $59 seats are "more than 200 feet above the field," and if a family of four wanted to buy seats in the area, they "would pay $2,360 a year for eight regular-season and two preseason games." The Cowboys will let ticket holders "finance the [PSL] over 30 years at 8[%] interest," while ticket holders for seats without a PSL must make a $200 deposit (FT. WORTH STAR-TELEGRAM, 5/16).
Rays Present Preliminary Financing Plan
For Proposed $450M Waterfront BallparkAMOUNTSOURCE$150MFrom Rays$70MDevelopers who buy Tropicana Field$55MParking revenue from new ballpark$100MExtension of 1% tax on Pinellas County (FL) hotel stays for 25-30 years$75MExtension of St. Petersburg's contribution to Tropicana Field for 25-30 years
Silverman Says City Council
Seemed Open To Financing Plan
NEW HOME: In St. Petersburg, John Romano writes under the header, “Rays Will Get Their New Stadium -- Somewhere.” Romano: “This ownership group is not staying at Tropicana Field for the long term. That could mean either selling the team or breaking the lease, but one or the other seems inevitable if a new stadium in St. Petersburg is not in the Rays’ future.” Rays Owner Stuart Sternberg is “not going to remain at Tropicana Field through 2027,” the final year of the team’s lease. Does that mean Sternberg would have an “army of lawyers seeking ways to break the lease for a possible move to Charlotte or Portland? The closer we get to the stadium’s debt service being paid off in 2017, the more plausible that prospect will seem. Does it mean Sternberg will talk to investment bankers about selling the team? That’s harder to imagine but, like Lightning owner Bill Davidson, he is an out-of-town businessman with no loyalties here” (ST. PETERSBURG TIMES, 5/16).
GOOD Delivery: A ST. PETERSBURG TIMES editorial written under the header, “Rays’ Offer Promising,” states the financing plan released by the Rays “does in large measure square with the Rays’ original commitment to avoid any tax increases or new taxes. … If the Rays want voters to bless this deal, they will have to show that the split is fair and the numbers are genuine. They took a major step in that direction on Thursday” (ST. PETERSBURG TIMES, 5/16).
Developers of the $2B Xanadu project Thursday said that the debut of the facility "has been pushed back until next summer," according to Maura McDermott of the Newark STAR-LEDGER. The builders earlier this month said that Xanadu would open this November. Xanadu President Larry Siegel in a statement said that the delay is "due to interior construction work required by tenants." But consultant firm Davidowitz & Associates President Howard Davidowitz said that he "believes the slumping retail economy is hurting Xanadu's efforts to attract tenants." Xanadu developers, however, insisted that retailers are "still as eager as ever to snap up space." Meanwhile, Siegel also said that "new stores had signed on to the project," including sportswear company Adrenalina, the Cheescake Factory and clothing stores Guess and Zara. About 60% of Xanadu's storefront space is leased, and Xanadu spokesperson Lloyd Kaplan said that the complex "aims to have [225-250] tenants altogether" (Newark STAR-LEDGER, 5/16). Real estate firm Goldstein Group President Chuck Lanyard: "I would say that probably what's happening here is more a sign of the times than it is a sign of Xanadu's problems. With the economic slowdown that we're experiencing, they probably need more time to bring these anchors in and do some more negotiating" (Bergen RECORD, 5/16).
Developers Push Back Debut Of Xanadu Until Next Summer
The Yankees and Mets play in ballparks with "some of the best inspection records," while the Angels and A's have "far more food fouls than any other team," according to PORTFOLIO's Jessica Liebman in a study of health-code violations at 11 MLB ballparks. Most of the Angels' and A's violations were "minor," but some were "disgusting." Teams contract out food service to a "handful of vendors, though team management is responsible for stadium cleanliness." The following presents the results of all 11 ballparks included in the study (PORTFOLIO, 6/'08 issue).VENUETEAMVIOLATIONSREVENUEAngelsAngel Stadium732$200MA'sMcAfee Coliseum493$154MAstrosMinute Maid Park107$193MGiantsAT&T Park88$197MMarinersSafeco Field67$194MMetsShea Stadium58$235MPhilliesCitizens Bank Park58$192MYankeesYankee Stadium45$327M
Brewers Miller Park36$158M Royals Kauffman Stadium32$131M Rockies Coors Field16$169M McAfee Coliseum Receives
493 Health-Code Violations
HEAD OF THE CLASS: In Denver, Nick Groke reported the Rockies in '07 had only 16 violations, the fewest problems among teams surveyed, though inspectors "found Coors Field's main kitchen to be 'unwholesome.'" The survey "doesn't account for the aggressiveness of inspectors" (DENVER POST, 5/14).
Court Rules Patriots Fan Bound
By 10-Year Contract For Club Seats
Barclays Center Showroom
Opens In N.Y. Times Building
"another push to demonstrate they are serious about leaving New Jersey in 2010," according to Maura McDermott of the Newark STAR-LEDGER. Nets President & CEO Brett Yormark said that the opening of the showroom "kicks off the Nets' public effort to market 130 suites with an average price tag of $300,000, as well as 3,200 premium seats." Yormark: "The Barclays Center showroom is one more validation that we're alive and well and we're going to Brooklyn." New Jersey officials and Devils Owner Jeff Vanderbeek earlier this month indicated that they were seeking to bring the Nets to the Prudential Center in Newark, but Yormark dismissed the idea and said the Prudential Center is "of no interest to us." The showroom Thursday night for its launch hosted a party for "more than 120 people, including dozens of corporate" CEOs, as well as Nets investor Jay-Z. Nets VP/PR Barry Baum said that Jay-Z is "considering buying a suite" (Newark STAR-LEDGER, 5/16).
Univ. of Louisville AD Tom Jurich Thursday said that he "expects to scale back on the upper-deck seats" planned for the expansion of Papa John's Cardinal Stadium, putting the stadium's planned capacity at 56,500, down from the previously planned 60,000. Jurich said that costs "escalated because the project was on hold for a year after it didn't receive state approval." The cost of the renovation now is about $70M (Louisville COURIER-JOURNAL, 5/16).
Wembley Stadium Loses Nearly
$42M In First Year Of Operations
ON THE TEE: A draft document for the 2015 U.S. Open shows the USGA will pay Pierce County (WA) $2.5M to lease Chambers Bay Golf Course. Under the contract, which soon will go to the County Council for approval, the county also will "get a share of the proceeds from the sale of hospitality packages, food and beverages, and merchandise." As part of the agreement, the USGA will "bear most of the cost of staging the tournament and will keep most of the revenue, including all of the ticket sales." The county will pay for "significant modifications to the course in preparation for the tournament," and also must build a "new practice facility and generally assist the [USGA] with tournament preparations" (Tacoma NEWS TRIBUNE, 5/16).