Search
 

GlobeSt.com UPDATE: Baseball Stadium Cost Rises to $589M

WASHINGTON, DC-The District CFO reports that development cost estimates for the new Washington Nationals baseball stadium have skyrocketed from the previously settled upon $535 million in predominantly public funds to $589 million.

By Barbra Murray | Updated on November 30, 2005

WASHINGTON, DC-The development cost for the new Washington Nationals baseball stadium has risen by an estimated $54 million. City CFO Natwar M. Gandhi revealed the news during a Council of the District of Columbia oversight meeting. The Council’s Ballpark Omnibus Financing and Revenue Act of 2004 called for $535 million in revenue bonds for the financing of the stadium. For previous coverage, click here .

According to Gandhi’s new assessment, the stadium’s development will cost $589 million to complete due to new costs that exceed the original $535 million in necessary funding to build the 41,000-seat sports facility. The extra $54 million includes $13 million in issuance costs, $7 million for insurance, $20 million in debt service reserve funding and $14 million in interest paid during construction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.