Dive Brief:
- Nashville’s Board of Fair Commissioners yesterday approved a ground lease allowing city fairground property to be used for a Major League Soccer (MLS) stadium, Tennessean reported. This approval comes the day after the the Metro Nashville Budget and Finance Committee recommended suspending the lease-redevelopment action.
- The 30-year agreement between the fair board and the Nashville Sports Authority will lease land to the authority to build the stadium for a nominal $10 per year.
- Earlier this month, the Metropolitan Government of Nashville requested bids from potential construction managers, according to the Nashville Post. The request for quotation pegged the construction budget at $190 million and target completion date of February 2021. The stadium should hold 27,500 fans with the ability to expand to accommodate 32,500, and should achieve LEED Silver certification.
Dive Insight:
Although soccer has been less popular in the U.S. compared to other countries, it’s gaining ground. Detroit bid for an MLS franchise last year and David Beckham wants to bring an MLS team to Miami. And, though not part of the MLS, Chicago soon will be getting a 20,000-seat soccer stadium for its newly acquired United Soccer League franchise.
Stadium construction of any kind is hot, as demonstrated by other sporting venues across the country. The Los Angeles Rams stadium recently hit a price tag of $4.2 billion, to include a 6,000-seat amphitheater adjacent to the stadium. A planned buildout of retail and commercial development likely will take that figure to more than $5 billion. Until now, the most expensive U.S. stadium was the $1.7 billion MetLife Stadium in New Jersey.
Construction on Las Vegas’ NFL stadium for the Raiders franchise is pushing forward as well. The $1.8 billion venue, spearheaded by a joint venture between Mortenson Construction and McCarthy Building Cos., is 15% complete and still on track to be ready for the 2020 NFL season.
Cleveland is also considering a new stadium downtown, or perhaps just renovating the existing facility, for the NFL’s Browns. If it moves forward, retail, residential and commercial development will all play a role to help it become a year-round attraction.
