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Not sure what this speaks to more, depressed commercial real estate of buildings that had no true market value to begin with seeing how there ain't a whole lot of demand for mega sports stadiums to begin with which is why professional sports owners never build them themselves but instead expect cities and states to socialize the construction cost at the expense of taxpayers.
Your really going to try and correlate this niche with real estate at large?!
It's a venue with an upkeep of $1.5M per year according to that article - which is a pretty minimal # to just keep it running without any events going on
Adding events and refurbishing will simply add more costs
The sad fact for the silverdome is that it has been replaced as a venue by ford field
this is common with a lot of venues that are replaced and no longer have much potential .... many just get blown up
the problem here is that there were just no tenants that would be able to offset the costs of operating the building ... these guys think they can make it work and it's a gamble for sure
how much do you think ford field would sell for if it could be put on the market considering it's lease to the lions and other events that are going on?
Not sure what this speaks to more, depressed commercial real estate of buildings that had no true market value to begin with seeing how there ain't a whole lot of demand for mega sports stadiums to begin with which is why professional sports owners never build them themselves but instead expect cities and states to socialize the construction cost at the expense of taxpayers.
That's interesting because it was John Street from Philly, a democrat, that approved of the multi-million dollar tax bill on Philadelphia residents for a stadium.
Your really going to try and correlate this niche with real estate at large?!
It's a venue with an upkeep of $1.5M per year according to that article - which is a pretty minimal # to just keep it running without any events going on
Adding events and refurbishing will simply add more costs
The sad fact for the silverdome is that it has been replaced as a venue by ford field
this is common with a lot of venues that are replaced and no longer have much potential .... many just get blown up
the problem here is that there were just no tenants that would be able to offset the costs of operating the building ... these guys think they can make it work and it's a gamble for sure
how much do you think ford field would sell for if it could be put on the market considering it's lease to the lions and other events that are going on?
You're right. Real estate is doing swell in places like Florida, Nevada, California, Ohio and Michigan.
It's more than 30 years old. Chances are it needs a lot of work. Most of those structures are demolished because the cost to refurbish them is quite a bit and when you're done you're still stuck with outdated design.
The Silverdome has been a disaster and a empty tomb for years, after the Lions and Pistons moved out.
Heating the place cost a fortune - it's terrible for concerts (only place worst is Montreal's Olympic) and was designed for only one thing - (american) pro-football. They even tried turning the parking lot into a drive-in theater.......
Pontiac doesn't have any money (and they havent for years - even with the Dome in use). They had a chance to sell it for more a few years ago, but they thought they might get more.........or the deal fell apart (I don't remember)
But, then again, I think those that think it will be successful as a soccer venue, might be re-selling it in a short while.
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