{"id":1004098440,"date":"2014-06-13T14:37:36","date_gmt":"2014-06-13T22:37:36","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=269014"},"modified":"2020-05-22T00:06:35","modified_gmt":"2020-05-22T08:06:35","slug":"east-charlotte-could-see-development-of-65m-sports-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/east-charlotte-could-see-development-of-65m-sports-complex\/","title":{"rendered":"East Charlotte Could See Development of $65M Sports Complex"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Bojangles Coliseum<\/p>\n<\/div>\n

Bojangles Coliseum and its surrounding area could be redeveloped into a $65 million amateur sports complex, pending city council approval, reported wcnc.com<\/a><\/em>.<\/p>\n

If approved, the developer GoodSports would break ground to build a big field house, a 150-key hotel and a renovation of Bojangles Coliseum before the year is out and finish by 2016.<\/p>\n

GoodSports would invest $40 million, while $25 million would be covered by the City of Charlotte, a significant portion of which would fund the construction of the field house and parking. Around $12 million, sourced from hospitality taxes, would be used to renovate Bonjangles Stadium, including new seating, scoreboard, electrical systems and roof repairs.<\/p>\n

The redevelopment of Bojangles into an indoor amateur sports complex was approved by Charlotte City Council a year ago, with $25 million being the reported cost. According to wsoctv.com<\/a><\/em>\u2019s coverage at the time, planned work on Bojangles included scaling back seating from 11,000 to 7,000 spots, which would be enough to cater to graduation and various entertainment events, as well as sports such as volleyball, basketball and indoor track. The $25 million project was reported to incorporate adjacent Ovens Auditorium, which would also be renovated and would include banquet halls and a smaller auditorium.<\/p>\n

According to a recent report by The Charlotte Observer<\/a><\/em>, the city could provide the project with $18 million in upfront money, a sum that was included in 2013\u2019s $816 million capital spending program. The city could also lease a parking lot adjacent to Ovens Audtorium to GoodSports for nominal fee of $1 per year. The city recently also purchased the Econo Lodge hotel adjacent to Ovens Auditorium for $3.5 million. Although not considered a problem-property, the hotel is slated for demolition to make way for parking for GoodSport\u2019s future hotel.<\/p>\n

According to The Charlotte Observer<\/em>, Sarasota, Fla.-based GoodSports, whose parent company is hotel developer Focus, is pursuing similar projects in Columbus, Ohio, St. Louis, Missouri and Wichita, Kansas, where it will also benefit from city funding.<\/p>\n

Click here<\/a> for further Charlotte market data<\/em><\/p>\n

Image courtesy of James Willamor via Wikimedia Commons<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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