{"id":1003718023,"date":"2008-02-29T12:00:00","date_gmt":"2008-02-29T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/02\/29\/soccer-team-could-kick-off-500m-investment-for-chester-pa\/"},"modified":"2022-12-04T23:10:04","modified_gmt":"2022-12-05T07:10:04","slug":"soccer-team-could-kick-off-500m-investment-for-chester-pa","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/soccer-team-could-kick-off-500m-investment-for-chester-pa\/","title":{"rendered":"Soccer Team Could Kick Off $500M Investment for Chester, PA"},"content":{"rendered":"

Yesterday\u2019s announcement that Chester, Pa., will host Major League Soccer\u2019s new Philadelphia team could bring as much as $500 million in development to the struggling city. \u00a0Officials confirmed Thursday afternoon that soccer league\u2019s 16th franchise will start playing in an 18,500-seat, $115 million stadium by 2010. The venue will be the centerpiece of a 60-acre parcel on the Delaware River waterfront near the Commodore Barry Bridge. Details are as yet undetermined, but at full buildout, the complex is expected to incorporate entertainment, retail, residential and office components. The state of Pennsylvania has earmarked $47 million for the project, and Delaware County and Chester will contribute another $30 million. The team has a significant commercial real estate link; leading the soccer team\u2019s ownership is Jay Sugarman, chairman & CEO of iStar Financial Inc. \u00a0The project could build on the success of Harrah\u2019s Chester Casino & Racetrack, another attraction on the Chester waterfront, which opened in Sept. 2006. \u201cI think it\u2019s likely, if investors and developers can find ways to capitalize on revitalization,\u201d explained Carl Dranoff, CEO of Dranoff Properties Inc., a Philadelphia-based development company. Dranoff spoke from his experience as a pioneering developer in a nearby hard-luck city–Camden, N.J., which, like Chester, is experiencing a waterfront rebirth. \u00a0Dranoff suggested that revitalizing Chester\u2019s waterfront will require significant investment in infrastructure, such as a light rail system and expansion of the city\u2019s sewage system. He added that success might also call for a quasi-public agency, similar to one established by Camden. That agency could provide a one-stop shop to coordinate development, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday\u2019s announcement that Chester, Pa., will host Major League Soccer\u2019s new Philadelphia team could bring as much as $500 million in development to the struggling city. \u00a0Officials confirmed Thursday afternoon that soccer league\u2019s 16th franchise will start playing in an 18,500-seat, $115 million stadium by 2010. The venue will be the centerpiece of a 60-acre…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003718023","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nSoccer Team Could Kick Off $500M Investment for Chester, PA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/soccer-team-could-kick-off-500m-investment-for-chester-pa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Soccer Team Could Kick Off $500M Investment for Chester, PA\" \/>\n<meta property=\"og:description\" content=\"Yesterday\u2019s announcement that Chester, Pa., will host Major League Soccer\u2019s new Philadelphia team could bring as much as $500 million in development to the struggling city. \u00a0Officials confirmed Thursday afternoon that soccer league\u2019s 16th franchise will start playing in an 18,500-seat, $115 million stadium by 2010. 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