Construction Of New MLS Dynamo Stadium Could Begin This Fall
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Dynamo Stadium Would Have Capacity Of
About 22,000, Cost Estimated At $80M |
Only "minor hurdles remain before construction could begin this fall on the proposed" MLS Dynamo stadium in downtown Houston, according to Greg Barr of the HOUSTON BUSINESS JOURNAL. At least "three or more undisclosed banks have submitted term sheets to refinance the bulk of the stadium's construction cost, with separate negotiations on the books to provide financing for the Tax Increment Reinvestment Zone, or TIRZ, the six-block area in which the stadium would be built." The total cost for the stadium -- "which would have a capacity of 21,000 or 22,000 spectators -- is still pegged at about" $80M. Approximately $60M -- "split roughly equally between debt and equity financing -- will be covered by the Dynamo ownership group, and about $20[M] will be provided up front through TIRZ financing." The city "provided the land within the TIRZ." The "majority of construction financing will be backed" by the Dynamo's co-Owner, AEG. Two other "key parts of the stadium completion puzzle have fallen into place, including the hiring of New York firm Populous as project designer." The Dynamo stadium "will include an upper and lower bowl structure, with a club seating area and 32 or 34 suites" (HOUSTON BUSINESS JOURNAL, 6/19 issue).
KICK START: In DC, Steve Goff reported "another local jurisdiction has stepped forward in recent days with an interest in a possible stadium partnership" with DC United. Sources said that Montgomery County (MD) "has proposed two potential sites." Meanwhile, sources said that the Poplar Point project in DC, the cause of so much "heartache over the past two years, remains on the table." DC United execs declined comment (WASHINGTONPOST.com, 6/22).
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