But will it bring the extra business to make the venture a profitable or even a break-even enterprise? That's the question critics and supporters are starting to ask for the first time since the center was built 20 years ago.
The question is especially relevant today, critics note, because the center's debt load is approaching $1 billion. And the facility's $34 million a year in revenue isn't paying the mortgage and is $6.5 million shy of paying just for its operations and maintenance.
Annual mortgage payments on the construction loans rise to $85 million in 2002 when the county borrows an additional $250 million to complete the current expansion.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
