Chase Field was worth $45 million as of six years ago, according to a 2010 appraisal that was commissioned by Maricopa County.
The ownership and upkeep of Chase Field has become a contentious issue in Phoenix. Saddled with an intense debate with the Arizona Diamondbacks over the ballpark’s maintenance, Maricopa County is considering the possibility of selling Chase Field to private ownership. Stadium Real Estate Partners, LLC has offered to take the ballpark off the county’s hands at a price of $60.
Before entering any agreement, however, Maricopa County will undertake a new appraisal. Aside from updating the data behind the 2010 value, a new appraisal will also to take into account certain changes that have either transpired or are likely to occur. For instance, the $45 million figure came under the condition that the county would continue to own the ballpark. Furthermore, 2010 fell in the midst of the Great Recession, surely affecting the final total.
Development within downtown Phoenix has picked up over the last few years, which may very well reshape the numbers. More from the Phoenix Business Journal:
The current deal could come down to how much the land where Chase Field is located is worth.
Since the 2010 appraisal, downtown has seen Arizona State University grow its footprint to 17,000 students and more apartments and new hotels have been developed. Cityscape has done well and the Metro light rail has helped solidify downtown after the recession.
The county spent $35.6 million acquiring parcels in downtown where Chase Field was built in the 1990s.
If land values grow by 3 percent on average the land could be worth $94 million by 2027, according to 2010 appraisal. That is also when the D-backs lease ends.
But other land value figures in the 2010 report released by the county also notes the Maricopa County Assessor had a $55 million valuation on Chase Field properties and another formula put the property as worth between $48.8 million and $50 million.
Going forward Maricopa County will have two issues to address. Along with determining the current value of Chase Field and completing a sale, the county will have to seek the blessing of the D-Backs. The team’s lease grants it veto power over any sale of Chase Field.
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