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SBD/Issue 197/Facilities & VenuesPrint All
ANOTHER DROPPED CONTRACT FOR CENTERPLATE: Centerplate has now shed four contracts in the span of a month as its new owner Kohlberg & Co., a private equity firm, continues to evaluate which current deals make the most sense to retain as it rebuilds a firm that struggled financially as a publicly held entity. Besides the Palace, Centerplate is no longer the food provider at Xcel Energy Center in St. Paul, the Greensboro Coliseum and the Rose Bowl. Centerplate President & CEO Des Hague said he was disappointed to lose the two major league accounts. The Palace, for which Centerplate was paid an annual management fee tied to performance incentives, was the only one of the four venues that ranked among the vendor’s 50 most profitable deals, Hague said. “Both were lost due to improved terms by the competition ... and not through a failure of Centerplate to provide great service,” he said. Palace Sports will offer jobs to the 200 employees who worked for Centerplate, including 12 to 14 full-timers, Etemad said.
CONSTRUCTION ON WAREHOUSE BEGINS: In Dallas, Steve Brown reports the Cowboys began construction yesterday on a "new warehouse complex that will house the retailing operations" for the team. Dallas-based real estate firm Bandera Ventures is building the 400,000-square-foot facility near Dallas/Ft. Worth Int'l Airport that will include the warehouse and "office space for Dallas Cowboys Merchandising, Dallas Cowboys Pro Shops and Blue Star Graphics & Design." Financing for the building was provided by American Bank of Texas (DALLAS MORNING NEWS, 7/1). The Cowboys said that they "plan to move into the new building by January and be fully operational by March 15." The facility, which will house about 450 employees, will "import, print and distribute goods to nearly 800 wholesale customers and 35 Cowboys retail stores" (FT. WORTH STAR-TELEGRAM, 7/1).
Writer Raves About New Cowboys Stadium
Marlins Committed To Filling Funding Gap
In Order To Complete Retractable Roof Ballpark
San Jose Mayor Chuck Reed Says City Would
Like To See A's Come To San Jose
In N.Y., Rich Calder reports the New York state Court of Appeals has "agreed to hear a legal challenge over the use of eminent domain to seize private land for Brooklyn's controversial Atlantic Yards project" beginning in October. The decision "raises new uncertainty" over whether Nets Owner Bruce Ratner "will be able to build the planned $4.9[B] development," which includes the Nets' Barclays Center and 16 office and residential towers (N.Y. POST, 7/1). Also in N.Y., Erin Durkin notes the appeal is from nine plaintiffs who "sued to prevent the government from taking their homes and businesses under eminent domain." After the initial court ruling, Ratner had said that it was the "'last hurdle' to the project and vowed to break ground in September," but this "latest court action will likely push that date back" (N.Y. DAILY NEWS, 7/1). In New Jersey, John Brennan notes Nets officials have "estimated it will take 24 to 26 months to build" the $772M Barclays Center, so a fall '11 opening "may no longer be a possibility -- unless the developer wants to try to break ground before the legal process is concluded" (Bergen RECORD, 7/1).
London 2012 Olympic Stadium Could Be Used
To Stage World Cup Games In Future
CLEARING THE WAY: The PHILADELPHIA BUSINESS JOURNAL's Kostelni & George report the investment group developing MLS Philadelphia Union's stadium and its ancillary residential and commercial projects last week secured $25M in private "financing for the venue, and plans to break ground this fall on a speculative office building." The developers have "initially focused on lining up funds" for the $110M, 18,500-seat stadium, which broke ground in December. They recently "arranged for funding from Sovereign Bank," while the remainder of the costs are "coming from funds already secured from state and local public sources" (PHILADELPHIA BUSINESS JOURNAL, 6/26 issue).