Feasibility study released for Leland $105.6 million baseball stadium site

LELAND, NC (WWAY) — The Town of Leland has released the feasibility study for a proposed 4,000 seat baseball stadium.

Total preliminary cost estimates for the stadium itself are $59 million, with more than $46 million in other related costs.

The stadium, along with a proposed medical campus anchor tenant, is expected to leverage over 9,950 units of rental and home ownership development, over 400,000 square feet of proposed retail, 650,000 square feet of proposed office, and just under 400 hotel rooms over 20 years. The total expected value of construction for the baseball stadium and the Jackey’s Creek Development at full build-out is estimated to be $2.39 billion.

“A new baseball stadium is proposed to attract visitors and visitor spending from the Town of Leland, Brunswick County, and the surrounding region. The proposed stadium project is expected to increase demand for surrounding development consisting of hotels, mixed-use retail and office space, restaurant, rental and for-sale housing, and medical offices. The venture to bring a minor league baseball team to the region originated as a possible public-private partnership between the Town of Leland, REV Entertainment, and Jackey’s Creek Investors, LLC,” a statement read in part.

A total of 29,695 temporary direct, indirect, and induced jobs are estimated to be created and over $5.1 billion of economic output and labor income generated. As proposed, this project is expected to bring about significant positive impacts to the region and be a major economic driver for job creation and economic output.

According to the findings of the study, the preliminary financial and economic impact analysis indicates that pursuit of the baseball stadium is worth further consideration by the Town of Leland due to the
potential for new investment, new revenues, and numerous economic benefits.

So what’s next?

This is what the study has identified as next steps.

• Identify and quantify available financing tools. As the project is proposed, a preliminary analysis of revenue generated through the 30-year term of the project could be available to fund the stadium and the associated improvements. The Town should explore available public and private financing alternatives for the project to determine how to utilize the potential project and development revenues. As additional development details become available, a more in-depth fiscal and financial analysis should be conducted.
• Evaluate the availability of statutorily available revenue tools. The Town should evaluate all statutorily available revenue tools for a potential fit with the proposed baseball stadium project.
  The Town should learn more about the statewide use of these tools, potential process to implement the tools, and project the potential revenue available based on the estimated development and impact of the project.
• Evaluate impact on Town services. A portion of the identified revenues received by the Town and County from current sources are likely to be used to provide the basic standard services for
  the area. These services include public safety, public education, road maintenance, social services, and other typical local government services. An updated fiscal analysis should be done to determine the impact of the new development on Town services.
• Develop innovative approach for the early years of the project. As more details become available on the financing options for the project, the Town and its project partners should investigate available options for revenue sources to supplement the early years of development, when projected revenues would not yet be realized. Ideas could include public-private partnerships, interlocal governmental agreements, property tax rate adjustments, alternative financing structures, or other similar innovative approaches.
• Further define quality of life benefits of the project. The Town and its partners should further define additional quality of life benefits that are expected to be realized after completion of this project. Quality of life benefits may include increased options for community amenities, desirable entertainment activities, newly available residential options, increased housing market segmentation, or other similar benefits.
• Engage in a public-private partnership. The proposed baseball stadium and anticipated Jackeys Creek Development may benefit from the utilization of a public-private partnership. Project terms including facility ownership, operating entity, and financial aspects of the project requiring participation from both public and private sector partners. The Town of Leland should evaluate the information in this report and explore the next steps to engage with key partners, such as Jackey’s Creek Investors, LLC, and REV Entertainment.

In February, WWAY broke that story that the Texas Rangers and REV Entertainment were exploring a site in Northern Brunswick County to bring a minor league team. In April, Brunswick County pulled out of potentially investing in the stadium.

A spokesperson with REV Entertainment says they are waiting as the town continues their due diligence, but looks forward to the prospect of continuing discussions.

To read the PDF study in its entirety, click HERE.