The city of Escondido (Cal.) certainly is thinking big when it comes to a new home for the wandering Portland Beavers (Class AAA; Pacific Coast League): What began as a $50 million ballpark has now expanded to a $180-million, 150-acre Sports Entertainment District, which could tie up every penny of city development money for years.
A study from the London Group indicated that the market could support a new development with 760,000 square feet of commericial and retail space, more than 3,000 homes at least two hotels. Because of the new tax revenues generated by the project, the city could afford to issue bonds upwards of $180 million and use other city redevelopment money to pay for the rest.
Anchoring the development: a $50-million ballpark for the Beavers.
The study looks to be a fairly standard one found in development circles, looking at the region’s demographics and extrapolating further growth. It also lays out a fairly standard development schedule over the next five to seven years.
Therein lies the rub. At the present Escondido’s redevelopment fund is in the red because of prior commitments, though it’s projected to be in the black by the end of the decade. To do this project, Escondido needs to pledge pretty much every penny of city redevelopment money but also hope the economic dramatically improves: the development alone will only yield $2.1 million annually in local sales and hotel taxes. Plus, the plan doesn’t call for the new ballpark to open until 2015.
Which pose a problem for San Diego Padres owner Jeff Moorad, who wants to see a new ballpark open in 2012. This was always considered a very, very tight deadline, forcing the city to come up with a financing plan by the end of November. Whether the city can come up with a financing plan for such a huge development by the end of November and be ready to begin ballpark construction shortly afterwards remains to be seen — but it wouldn’t surprise us to see the Beavers play more than just a single season in Tucson.
RELATED STORIES: Bevos to Tucson for 2011; Escondido ballpark vote delayed after pollution found at site; Fate of Bevos in the air until November, maybe December; Padres pitch one-sided lease to Escondido; Escondido: Show us some money, Padres; Escondido in, San Marcos out of Bevos ballpark mix; Portland Beavers to…Lake Elsinore?; Could bidding war erupt for Bevos?; Portland Bevos update: Tucson-bound?; Come 2011, where will Beavers play?; Paulson finalizes deal for PGE Park soccer conversion; whither the Bevos?; Paulson withdraws bid for Bevos ballpark in Beaverton; Decision on Bevos ballpark could go to Beaverton voters; Beaverton, Bevos reach agreement on new ballpark sans site; Land woes could kill Bevos ballpark in Beaverton; Picketers greet pro-Beavers rally in Beaverton; Landowners not thrilled with Beaverton Bevos ballpark plan; Bevos eye Beaverton for new ballpark site; Paulson withdraws request for Bevos ballpark in Lents; Portland to move ahead with soccer renovation, put off plans for Bevos ballpark; Thursday vote could determine Bevos ballpark fate; New Beavers ballpark lacks support on City Council; Bevos, city close to final funding proposal for new ballpark; Rose Quarter location officially off the table for new Bevos ballpark; Bevos ballpark plans back up in the air — and maybe doomed; Portland ballpark vote delayed as mayor adjusts site, financial plans; New Beavers ballpark wouldn’t happen until 2012 — at the earliest; Cost of Portland redevelopment mushrooms to almost $300 million; Crunching the numbers on a new Bevos ballpark; Portland proposes tearing down Memorial Coliseum for new Bevos ballpark; Portland City Council votes to move ahead with new Bevos ballpark — but takes $15 million from the equation; Paulson agrees to Portland’s financial demands; still may not be enough; Bevos ballpark plan runs into serious financial obstacles; Portland task force gives preliminary approval to new Bevos ballpark — with plenty of conditions; Portland ballpark discussion shifts to Rose Quarter; Decision on new Bevos ballpark location delayed; Will new ballpark fly in Lents?
Share your news with the baseball community. Send it to us at editors@augustpublications.com.
Subscribers to the weekly Ballpark Digest newsletter see features before they’re posted to the site. You can sign up for a free subscription at the Newsletter Signup Page.
Join Ballpark Digest on Facebook and on Twitter!