Fleet Securities Inc. arranged the financing with the transaction co-underwritten by Fleet National Bank and Sumitomo Mitsui Banking Corp. A syndicate of five additional banks participated in the credit. They include Commerce Bank, Sovereign Bank, US Bank, Chevy Chase Bank and Israel Discount Bank.
Total cost of the ballpark is roughly $346 million of which the Phillies are contributing nearly 50% at $172 million. In addition, the Phillies are responsible for covering construction cost overruns plus operations and maintenance costs once the facility is open. Public funding for construction costs is $174 million and the estimated cost for site work is $112 million.
The ballpark is being designed by local architecture firm Ewing Cole Cherry Brott and Kansas City-based HOK Sport & Venue & Event. A joint venture between Philadelphia-based builder L.F. Driscoll and Hunt Construction Group, headquartered in Indianapolis, will serve as construction managers on the project.
Features of the new ballpark will include family-friendly entertainment areas and open concourse concessions. A cantilevered steel structure will allow for more open-seating areas and less than one third of the seats will be in the upper deck. And to allow for a view of the downtown skyline, the field will be oriented with home plate to the south and centerfield to the north, counter-clockwise from the current Veterans Stadium orientation.
Local contractor D'Angelo Brothers Inc. is overseeing the excavation, shoring and underpinning at the site. Minority-Diverse Business Enterprise subcontractors working with D'Angelo include New Life Services (clearing and grubbing services); Road Runner Construction (hauling and various construction services); Tierra Construction Co. (erosion control services); and Paul Mass (hauling services). Alexson Supply Co., Inc. (miscellaneous construction supplier services) and Multifacet, Inc. (shoring services)--both Women-Diverse Business Enterprise (W-DBE) vendors--are also working with D'Angelo Brothers.
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