JANUARY 23, 2023 | 04:14 PM
Construction of the Mishawaka Fieldhouse is scheduled to start in February 2023.
The project is financed through the sale of $36 million of taxable lease-revenue bonds.
A huge high school athletics facility that would attract schools from around the country could generate $65 million in annual revenue, according to the developer.
A 230,000-square-foot sports complex coming to the small Indiana town of Mishawaka is expected to be the latest youth sports facility aimed to generate tourism revenue.The city with a population of 51,000 will now attract visitors from across the U.S. as it hosts tournaments for volleyball, football, basketball, and soccer, among other sports.
- Construction of the Mishawaka Fieldhouse is scheduled to start in February 2023.
- The project is financed through the sale of $36 million of taxable lease-revenue bonds.
- The facility will be built by sports-focused real estate developer Card & Associates, which will run the venue.
“We have figured out a way to work with the communities and the cities to develop multiple revenue streams to show them why it makes sense to build a facility,” said founder Andy Card.
The youth sports market is projected to reach $77.6 billion by 2026, up from $19 billion in 2022.
No Slam Dunk
Expensive youth-focused sports facilities haven’t always thrived and driven profits.
Nonprofit organization Legacy Cares Inc. sold $284 million of bonds to build Bell Bank Park, a 320-acre multipurpose sports complex in Mesa, Arizona, that opened in February 2022.
In October 2022, having failed to make three monthly payments toward the bonds after reporting 4.3 million guests at Bell Bank Park in its first year, Legacy submitted a regulatory filing via UMB Bank declaring itself in default.
Source: Front Office Sports
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