FAU Close To Naming Rights Deal, Selecting Stadium Developer
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FAU Officials Optimistic That $20M Naming
Rights Deal For Proposed Stadium Almost Done |
Florida Atlantic Univ. (FAU) officials are "optimistic an agreement will be reached within the next few weeks" on a $20M naming rights deal for the school's proposed 30,000-seat football stadium, according to Kimberly Miller of the PALM BEACH POST. FAU AD Chris Angelos said that the school "has been working on the arrangement with a financial institution for six months." Angelos: "It will be something like a commitment of $1[M] a year over 20 years." FAU also is choosing between four developers -- Atlantic Coast Building, Concord Eastridge, Inc., Crocker Partners and Millamax Development Corp. The developer would "pay FAU between [$12-14M] to build residence halls that are part of the overall 'Innovation Village' concept that includes the stadium, dorms and retail stores." FAU last week chose architects HKS Schenkel & Shultz Joint Venture to design the stadium, which is scheduled to open in fall 2010 (PALM BEACH POST, 7/23). In Ft. Lauderdale, Ted Hutton notes the selected developer would "build dormitories with space for 2,400 beds," and would provide a funding source "that could keep the $62[M] project on track." Angelos: "It would provide us with the funding we need to get the stadium done by 2010." In building the stadium, FAU is "relying on three funding sources: naming rights, development rights and donations." Hutton writes FAU "is on a tight deadline" if it wants the stadium ready for the 2010 season (South Florida SUN-SENTINEL, 7/23).
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