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Another on-campus stadium thread: FAU


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I know, I know... enough on-campus stadium threads!!

But... I thought this was important enough to add here because it might get lost in the longer threads...


From the Miami Herald:

FAU weighs stadium proposals

FAU officials are eyeing Syracuse University as a model for building a stadium in Boca Raton. But questions arose about a private company's involvement.

BOCA RATON - The committee charged with deciding whether Florida Atlantic University will get a football complex met for the first time Monday with early concerns about financing and questions about how a private company will manage a public university's stadium.

The nine-member committee, made up of university officials, one Boca Raton City Council member, FAU's student government president and one FAU alumni, promised to expedite the review process and meet twice more this month so they can meet an early 2006 deadline for a recommendation.

FAU has been eyeing the Carrier Dome at New York's Syracuse University as a model for what officials would like to see built on a northwest portion of the main Boca Raton campus bordering the city's airport.

THE COMMITTEE

The three proposals received in September include a 40,000-seat domed stadium, dormitory space for up to 2,500 students, retail shops, a hotel and, in one proposal, a $130 million, 100,000-square-foot specialized cancer treatment center.

The committee is being advised by three attorneys and two investment consultants, the latter of which recommended doing a financial evaluation of the three plans before the group meets again Oct. 27.

The three developers -- Global Development Partners of Washington,D.C., Tampa-based Innovation Development Partners, and KUD International, with offices in Santa Monica -- will be asked to give presentations to the committee Oct. 31. The meetings are open to the public.

''We need to prepare a study that says, `Here are the knowns, unknowns and the contingencies in these proposals,'' said Mary Williams, senior vice president for the investment banking firm First Southwest Company, who is advising the committee. ``There are certain assumptions in each proposal that we need input from the university about.''

For example, the proposal from Global Development Partners calls for a cancer treatment center that would become ''one of only a handful of such centers worldwide,'' and the addition of a museum dedicated to the Boca Raton Army Airfield.

The land where FAU's main campus is now located was once the airfield.

WHO WILL PAY

Global Development Partners also believes there is a demand for a hotel and conference space at FAU that can be attached to the domed stadium.

''We think there may not be enough room for that,'' said FAU athletic director Craig Angelos, about the cancer center and hotel.

The current plan to pay for the stadium would have the developers pay for all building costs and then allow them to collect the profits from ticket sales, parking fees, and student housing for up to 30 years. The stadium would then revert back to the university.

One proposal, by Innovation Development Partners, estimates the stadium will cost about $117 million to build. By year 10, the group estimates the stadium will bring in $14.2 million-a-year from tickets, concessions, advertising and merchandise. By year 30, that estimate grows to $37.8 million.

''This will turn on whether the numbers make sense for the university,'' said Angelos, who is chairman of the committee. ``The bottom line is whether it will be financially feasible.''

http://www.miami.com/mld/miamiherald/news/state/12869752.htm

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The three proposals received in September include a 40,000-seat domed stadium, dormitory space for up to 2,500 students, retail shops, a hotel and, in one proposal, a $130 million, 100,000-square-foot specialized cancer treatment center.

what kind of a mish mosh of stuff is this?  stadium, dorms, retail, CANCER TREATMENT CENTER??

The current plan to pay for the stadium would have the developers pay for all building costs and then allow them to collect the profits from ticket sales, parking fees, and student housing for up to 30 years. The stadium would then revert back to the university.

One proposal, by Innovation Development Partners, estimates the stadium will cost about $117 million to build. By year 10, the group estimates the stadium will bring in $14.2 million-a-year from tickets, concessions, advertising and merchandise. By year 30, that estimate grows to $37.8 million.

''This will turn on whether the numbers make sense for the university,'' said Angelos, who is chairman of the committee. ``The bottom line is whether it will be financially feasible.''

http://www.miami.com/mld/miamiherald/news/state/12869752.htm

If they really do this they are insane.  Give away the profits for 30 YEARS??  It WILL be time for a new stadium in 30 years.  These guys are insane to even consider this.

Well, who knows, these schools are hell bent on building the almighty OCS.  Maybe in ten years, well have two less schools to compete with recruiting wise due to their bankrupt athletic departments.

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I reaally don't know how FAU and FIU will be able to compete with the other Florida schools for national recognition/scheduling.  My guess is they will be Division 1AA in five years.  We complain about our attendance, but their's is even worse off.  They don't get 60% of what we get for attendance.

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I am so sick of hearing about FAU's Fantasy Dome. These committee meetings have been going for at least five years now, with no progress made. Nobody wants it, nobody wants to pay for it, but FAU keeps having meetings and calling press conferences about this dome that is never going to exist.

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... it will be time once we start consistently selling out Ray Jay...Until we can fill it we don't yet deserve it.

Shhhh! You're not supposed to say that! It defeats the whole "I want it now" line of thinking. There's no room for rational thought on this board, young man. Don't make me remind you of that again.

BTW: "Well...we'll never sell out RayJ. It's a 20 minute drive across town. Do you know how long it takes to drive 20 minutes? 20 minutes! That's far too long to drive to a football game.  If we already had the stadium on campus - all of the commuter students - who have to drive 20 minutes to get to campus - would show up for games and we'd already be selling out the OCS." - YKW

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Shhhh! You're not supposed to say that! It defeats the whole "I want it now" line of thinking. There's no room for rational thought on this board, young man. Don't make me remind you of that again.

BTW: "Well...we'll never sell out RayJ. It's a 20 minute drive across town. Do you know how long it takes to drive 20 minutes? 20 minutes! That's far too long to drive to a football game.  If we already had the stadium on campus - all of the commuter students - who have to drive 20 minutes to get to campus - would show up for games and we'd already be selling out the OCS." - YKW

Are these developers looking at the real numbers? FAU hasn't been selling a whole bunch of tickets to their games, so how is that going change anytime soon with them playing in the SunBelt?

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Shhhh! You're not supposed to say that! It defeats the whole "I want it now" line of thinking. There's no room for rational thought on this board, young man. Don't make me remind you of that again.

BTW: "Well...we'll never sell out RayJ. It's a 20 minute drive across town. Do you know how long it takes to drive 20 minutes? 20 minutes! That's far too long to drive to a football game.  If we already had the stadium on campus - all of the commuter students - who have to drive 20 minutes to get to campus - would show up for games and we'd already be selling out the OCS." - YKW

;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

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Are these developers looking at the real numbers? FAU hasn't been selling a whole bunch of tickets to their games, so how is that going change anytime soon with them playing in the SunBelt?

Yeah, really. The news article says that "by year 10, the group estimates the stadium will bring in $14.2 million-a-year from tickets, concessions, advertising and merchandise."

To put that into perspective, UCF's revenue projection for the 2015-16 fiscal year is $7.3 million. And they actually have fans.

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