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Sunsentinel.com FAU stadium likely delayed

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Sunsentinel.com FAU stadium likely delayed


Florida Atlantic University’s long anticipated 30,000-seat stadium will not likely open in August 2010, FAU lawyer David Kian said Wednesday.

The university has had some trouble finding corporate sponsors for the stadium, which was estimated In 2007 to cost about $64 million. The stadium is part of the university’s Innovation Village project, which would incorporate the university’s new fitness center and eventually include campus apartments and shops.

Now the university has a new plan. It has created a new non-profit support organization for the Innovation Village project. The first step will be for the support organization to issue a $90 million bond , probably in February, Kian said. Most of that will be used to build a 1,200 bed student apartment complex. But $12 million would be set aside to issue another bond to finance the stadium.

When it opens and whether it will be still be 30,000 seats remains to be seen. Kian said FAU may push back the opening of the stadium until late 2010 or summer 2011. Or it might scale back the project, perhaps to 20,000 seats, or maybe build it in phases. A scaled down version might be able to open in August. 2010, Kian said.

As part of the Innovation Village plan, the trustees also approved awarding development rights for the apartment complex to Crocker Partners, a Boca Raton based real estate firm. Capstone Development Corp, a Birmingham, Ala., company will manage all of the university’s housing.

My two favorite teams are FAU, and who ever is beating FIU!
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