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New Stadium artical

Im suprised noone posted this yet. Im suprised angelos is expecting at least to bids but maybe 6.

Private firms are key to FAU stadium plan

By Sarah Talalay
Staff Writer
Posted August 30 2005


In its quest to build a football stadium, Florida Atlantic University is turning to an unusual plan that would allow a team of private companies to design, finance, build and manage an "Athletic Innovation Village" complete with a stadium, dormitories and retail space on the school's Boca Raton campus.

Under the proposal the university has put out to bid, FAU would get its long-sought 40,000-seat domed stadium. University officials believe the project's accompanying dorms and stores could generate the revenue needed to pay off the construction debt incurred by the private team.











Although the "Request for Proposal" the university has sent out requires bidders to lay out the specifics of the financing plan, the idea is that the project could generate revenue to cover the debt and still let FAU keep what is earned at sporting events, including Owls football and basketball games. Once the debt is paid off, all revenues could revert to the university.

FAU Athletic Director Craig Angelos envisions the stadium on the north side of campus also housing the school's indoor track, and he would like to include a new baseball stadium in the plan.

"We'd have to see how much the revenues would bear," Angelos said.

Bids are due Thursday. Angelos said he expects at least two and perhaps as many as six bids.

The proposal is modeled on a concept floated at the University of Central Florida for that school's 10,000-seat convocation center for basketball and concerts, dormitories with 2,000 beds, a new cafeteria, retail and additional parking. The university initially planned for the development team to take on all the costs, but once it studied the potential revenue streams decided to raise the money for the project, but still partner with the development team, UCF Athletic Director Steve Orsini said.

"We saw the upsides of the profits," Orsini said. "We wanted the ultimate say in what was designed, what the facilities are used for."

UCF incorporated its athletic association and formed an organization to make the process of fund raising easier and sold revenue bonds to finance the project, Orsini said. The bid was awarded in January 2004 to a team that includes sports-architecture firm HOK and venue management company Global Spectrum. Orsini said he hoped basketball would be played in a new convocation center by 2007.

Meanwhile, UCF is planning to raise funds the traditional way to build an on-campus football stadium. "That's a facility we feel we can generate enough revenue just in events in the stadium," Orsini said.

FAU's football team, which is beginning its fifth season, plays at Lockhart Stadium in Fort Lauderdale, but has been talking about its own stadium for some time. FAU officials toured Syracuse's Carrier Dome in 2003 and Angelos hopes to build what he terms "the next generation of the Carrier Dome," with more suites and a hard roof, which could cost $100 million.

FAU President Frank Brogan said the advantage of the design-finance-build plan is that it would allow construction to begin sooner than under traditional methods, where the school needs to wait until it has raised the funds before construction can begin.

"We put this out just to see what sort of return we get back," Brogan said. "If we don't get a return back that we consider workable, we'll go back to the old, traditional method."

Mitchell Ziets, president and CEO of New Jersey-based sports investment banking firm MZ Sports, said that while the practice isn't common, variations of it are under way.

"We've seen it on the professional level," Ziets said. "The economics of the retail and residential, the value is so huge to a developer, they can afford to contribute to the stadium."

Ziets pointed to the Oakland A's and San Diego Chargers as pro teams that have looked at the concept. The A's have proposed a new stadium that includes an adjacent hotel or condos and retail. The Chargers want to partner with a private company to develop the area around a new stadium.

Angelos said FAU will have to look at the bids before determining whether to go forward. He said other sources of revenue, such as a naming rights partnership, could raise money for the project.

Staff Writers Jennifer Peltz and Ted Hutton contributed to this report
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New Stadium artical

same as the palm post article. six bids would be nice. I would think it would put us in the drivers seat for teh best possible deal.

the school also needs more housing. there's 350 kids on the waiting list to get on campus. does anyone know if they tore down timuca yet? I read they were in the palm post a month or two.

having ten thousand on campus rather than 2500 would do wonders for our sports in general.
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Check out the last paragraph. Same story.

Angelos said FAU will have to look at the bids before determining whether to go forward. He said other sources of revenue, such as a naming rights partnership, could raise money for the project.


From the inside it's all about naming rights. That's STILL the sticking point. Personally that's why I didn't post this article.

I'm not being negative. Just that FAU need to get something concrete on the table before I get too excited again. :-/


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New Stadium artical

Timucua is still standing and is a rotten eye sore.
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I like timucua, maybe cause I have some memories in there.... When I go back its kinda nostalgic
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New Stadium artical

I still think "The Trump" would do this if it was done right. ADT would be a perfect fit. do the the fact that it gives FAU what it wants and gives them a ton of advertising and recognition How about the "ADT Bowl"
live from Boca Raton Florida.
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I get goosebumps just thinking about it.

What a great opportunity for some business. The ADT Bowl.

If this is even a realistic thought, the City of Boca Raton would be absolute MORONS not to give the OK to this idea. Think of the multiple streams of revenue that would bring in.

Someone forward this idea to Angelos!
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New Stadium artical

So, today was the day.

Does anyone know if any bids were turned in?
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Three bids were received. Let's keep our fingers crossed that at least one of them figured out a way to make this thing work.
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Well thats positive. Hopefully there will be more in the paper tomarrow, something not written our friend Hutton.
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