According to a study, a new Pawtucket Red Sox (Class AAA; International League) ballpark would generate more development and tax revenue at the Apex property than at the nearby Tidewater site.
Commissioned by the PawSox and the City of Pawtucket, the report by Brailsford & Dunlavey considered the economic implications of a new facility at two locations. It found that constructing a ballpark on the Apex site would lead to more tax revenue over a 30-year period than the Tidwater site, another location under consideration for the ballpark.
Though in close proximity to each other, the two sites have some differences in the amount of development that they can accommodate. According to the study, the Apex location has the ability to accommodate $110.3 million in additional development, including a 125,000-square-foot hotel, 200 apartments, and 50,000 square feet of retail space. The Tidewater site, meanwhile, would generate $14.1 million in development, with 50,000 square feet of office space and 12,000 square feet of retail.
Over a 30-year period, the Apex site could produce an estimated $129.8 million in state and city and tax revenue, compared to a figure of $95.8 million at the Tidewater site. City leaders acknowledged the advantages offered by the Apex site, but say that there is still plenty of work to do to secure the site and move forward with the proposal. More from The Providence Journal:
“The numbers pretty starkly point to the Apex site being superior to Tidewater,” Pawtucket Mayor Donald Grebien said in a statement released Wednesday.
Although Grebien said he continues to discuss McCoy Stadium as an option, he noted the $30 million needed, based on a prior study, just to bring McCoy up to code and another $30 million to bring it up to current standards of other AAA facilities. Plus, that earlier study showed limited potential for additional development around McCoy.
The city and PawSox have not yet said anything about what they may be seeking in state support for a new stadium. The city is “in ongoing discussions with the Apex property owners,” Grebien spokesman Dylan Zelazo told The Providence Journal.
Development is a key component of this project, as it has been discussed by city and state leaders, and the PawSox have unveiled plans to make the ballpark available on a year-round basis. The study projects that ballpark construction could begin in 2018 and cost $76 million, with $53.2 million in hard costs and $22.8 million in soft costs.
RELATED STORIES: PawSox Unveil Park at the Park Concept; PawSox Create Development Group; Sites for PawSox Ballpark to be Studied; PawSox Release Preliminary Ballpark Concepts; Idea of New PawSox Ballpark Drawing Opposition; PawSox Considering Two Sites for New Ballpark; PawSox Seek State Support for New Ballpark; Report: Apex Property Price Might be Too High for PawSox; Pawtucket Mayor Hopes PawSox Make Ballpark Decision this Season; Zoning Could Allow for PawSox Ballpark at Apex Site; PawSox Focusing on Pawtucket in Ballpark Search; Study: McCoy Stadium Site Not Feasible for PawSox; PawSox Considering Apex Site for New Ballpark; Previous Study: $65M for McCoy Stadium Upgrades; Pendulum to Determine McCoy Stadium’s Future; PawSox Still Pondering Future; Four Firms Bidding on McCoy Stadium Study; Feasability Study Set for McCoy Stadium; PawSox to Begin McCoy Stadium Study; Lucchino: All Options for Future Pawsox Ballpark on Table