Major League Baseball Team Relocation and Stadium Development
Components: Major League Baseball Ballpark (42,000 seats)
Project Value: $690 million
SAG managed a multi-faceted team that successfully assisted the District of Columbia with relocating the MLB-owned Montréal Expos to Washington DC and developing a new ballpark. Our team addressed every issue associated with developing the ballpark ranging from development budget creation, finance plan development, parking finance plan development, ballpark attendance projections, funding stream tax projections, ballpark tax impact projections, comparable ballpark finance structure data gathering, competitive market ballpark revenue due diligence, and assisted with lease and ballpark development agreement negotiations. The project budget increased over time as off-site infrastructure was added to the project and the finance plan evolved through a number of iterations. Ultimately, the ballpark was funded by team lease payments, taxes generated by ballpark activities, a business gross receipts tax (previously used for the MCI Center), and a business utilities tax. Nationals Park opened in March 2008.