{"id":1004259269,"date":"2018-08-28T04:41:42","date_gmt":"2018-08-28T12:41:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004259269"},"modified":"2022-12-08T17:04:53","modified_gmt":"2022-12-09T01:04:53","slug":"mls-stadium-approved-by-the-city-council","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mls-stadium-approved-by-the-city-council\/","title":{"rendered":"Austin City Council Approves Soccer Stadium"},"content":{"rendered":"<p>By Anca Gagiuc<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004260568\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mls-stadium-approved-by-the-city-council\/stadium-361627_1920\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"stadium-361627_1920\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg?w=800\" class=\"alignright wp-image-1004260568 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/stadium-361627_1920.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Austin City Council has approved a plan from Precourt Sports Ventures to build a new Major League Soccer stadium in the city. The firm, also the owner of the Columbus Crew Soccer Club, reached an agreement with the council that the facility would not produce property tax revenue.<\/p>\n<p>The project\u2019s estimated cost is $190 million, plus a $10 million contingency. The selected spot is a 24-acre tract of city-owned land located at 10414 McKalla Place, in close proximity to The Domain. About 8 acres will be reserved for green, open space and performance areas, accessible to the general public year-round during non-event times when the stadium project is completed, anticipated for April 2021. There will be one area specifically designed as performance space for concerts and other events, which could host between 30 and 3,000 attendees. There will also be open parking lots, which could host music and cultural festivals.<\/p>\n<p>Under the terms of the proposal, the city would sign a 20-year lease for the property with PSV. The company would not pay rent for five years, and as the stadium and land would remain under the city\u2019s ownership, PSV would not pay property taxes. However, government ownership doesn\u2019t guarantee the $200 million complex would be <a href=\"https:\/\/www.commercialsearch.com\/news\/stimulating-development-in-low-income-areas\/\">tax-exempt<\/a>\u2014the Travis Central Appraisal District is already challenging the tax-exempt status.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The costs of Precourt Sports Ventures&#8217; plan add up to roughly $200 million. The selected spot is a 24-acre tract of city-owned land.<\/p>\n","protected":false},"author":237,"featured_media":1004260568,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21782,21752,21742],"tags":[41699],"class_list":["post-1004259269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-development","category-mixed-use","category-latest","tag-precourt-sports-ventures"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Austin City Council Approves Soccer Stadium - 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\/mls-stadium-approved-by-the-city-council\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Austin City Council Approves Soccer Stadium\" \/>\n<meta property=\"og:description\" content=\"The costs of Precourt Sports Ventures&#039; plan add up to roughly $200 million. 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