Report says new DC United stadium would be most expensive in MLS history
A study commissioned by the DC Council says the new stadium plans for DC United at Buzzard Point would make the club’s new home the most expensive stadium ever built in Major League Soccer.
The 406-page public report was put together collectively by CSL International, Integra Realty Resources and the Robert Bobb Group.
According to the report, the new stadium would cost $286.7 million, $131 million of which would come from the district, or about 46%. The club is expected to absorb the rest, although it would receive a $50 million tax break for doing so.
In addition, the report indicates that spending in the area from the introduction of the new stadium would exceed $2.6 billion from now until 2046, and that would create an approximate net economic benefit of $109.2 million in excess of costs. It would also create an additional 1,683 new jobs in the area, and it would “accelerate the future pace of development within Buzzard Point” where, without the building of the stadium, “no significant development is expected for 8 to 10 years at minimum.”
However, the report does say that DC United has not provided how it will procure its portion of the financing, and that the cost to the district could exceed the $150 million cap placed on the project should certain things not fall into place.
The plan is to trade land for land with local developers in order to acquire the necessary plots for the stadium at little to no cost, although the report says the council undervalued properties it plans to trade away.
A hearing on the report’s results are scheduled for today, to be heard by DC Council chariman Phil Mendelson.