A new stadium for the Tennessee Titans has been priced at between $1.9bn (£1.46bn/€1.76bn) and $2.2bn, and could be completed by the 2026 NFL season, according to reports.
Team and state finance department documents obtained by The Tennessean outline the first preliminary estimates for a new enclosed stadium that would replace Nissan Stadium, the Titans’ home since 1999.
The stadium is expected to take 31 months to build, with officials also planning for a $4bn public-private project that would lead to the development of a new neighbourhood surrounding the venue.
The Titans’ vision of developing a new stadium last month received a boost after Bill Lee, Governor of Tennessee, gave his backing for a $500m funding package for the NFL franchise’s project. Lee issued a request to state lawmakers, asking for $500m in bonds for the Titans’ stadium. The stadium funding is reportedly contingent on its final design including a roof, which would aid the city in hosting Super Bowls, NCAA Final Four games and other major indoor events.
The state is projecting it will cost $710m over 20 years to finance Lee’s proposed $500m bond contribution to the stadium project. The bonds have yet to be given the green light by state lawmakers, who are expected to vote on the state budget later this month.
The state’s estimates are said to hinge on the new stadium’s ability to attract 28 non-football events per year, in addition to tax revenue from the associated development surrounding the stadium to pay off the debt.
The Titans believe that an enclosed stadium would add about 15 additional ticketed events per year, generating an additional $225m per year in local economic impact compared to Nissan Stadium. “We appreciate the state’s collaboration as we investigate options for the future of Nissan Stadium,” a Titans spokesperson told The Tennessean.
The Titans have recently changed course on their stadium ambitions. Talks over a major redevelopment for Nissan Stadium in February switched to a potential new stadium after the price tag for the initial project reportedly doubled in cost to at least $1.2bn.
Image: Tanner Boriack on Unsplash
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