Fiscal 2023 DIF Account

Zimbalist: Importance of Phase 1

Telegram column

Mr. Zimbalist, the city’s consultant, said his projection that the project pay for itself counts on the $90 million in private investment anticipated in Phase I. It does not count on the development envisioned in Phase II, which includes an office building, residential development and retail.

April 1, 2021 projected completion of Phase 1:

  • Consists of $90 Million and approximately:  
  • 450,000 square feet of development:  
  • $40M - 2 hotels; approximately 250 rooms in total 
  •  $40M – residential; 250 market rate apartments  
  • $10M - ~65k SF of retail

Today (September 25, 2019)

  • We do not own the land where the stadium is to be built (LDA)
  • Have not signed the Land Development Agreement with the private developer, who has only signed  a Letter of Intent to date
  • Less then 20 month to finish 90 million of private development to have the "project pay for itself".