$300-million stadium complex project planned in Palm Desert
An LLC company called the Coachella Sports & Entertainment Stadium Authority are leading the way on the $300-million stadium complex project that they predict will open by 2021. It is expected to be built with 100% private funding.
“That is rare, they are funding this 100 percent private equity and on their own,” Indio Mayor Michael Wilson said.
From the desert between the Classic Club and the 10 freeway the LLC plan to build the multi-million dollar facility without the help of the government.
“We have enough financial partners to fund the whole project,” Michael Metcalf said, leading financing for the project.
It started with a good price on land from the H-N and Francis C. Berger Foundation.
“The project from my perspective is already half way complete. The Berger Foundation has probably put 100-million dollars into that land. The dirt’s been turned, the infrastructure has been put in. That’s a lot of money, time, and permitting and it’s all done,” Lead developer David Kinney said.
They estimate 18-months for the paperwork to clear, and then shovel to the dirt. Hoping 18-months later around this time in 2021 it will be open. The plan for the complex blends sporting events, retail, medical facilities, and even a Farmer’s Market. The Shield at 1 Coyote Way will be the new home of the So Cal Coyotes.
“I think we’re making the shield a place for god, gathering, and football, ” Metcalf said.
Coyote tickets aren’t going to pay the bills alone.
“When you create a place of gathering it creates a hub and we are the spokes,” Kinney said.
“The support facilities that we are going to build besides the stadium. Medical office building, hotel, senior living center, all those things are economically going to help support,” Metcalf said.
A 114-page analysis on the future of sports tourism showed the leaders of the project that this is an untapped market for youth sports from all over the country.
“New report that just came out, the impact sports are going to have in the local area, there are plenty of financial incentives and market demand,” Metcalf said.
