Featured image credit: University of South Carolina
The University of South Carolina (USC) is seeking proposals from developers on a wide-ranging project, including a major redevelopment of Williams-Brice Stadium, that it believes could secure $1bn (£827m/€930.8m) in private investment.
In what it feels could become the “most exciting and comprehensive” development project ever undertaken in the Midlands region of the US, USC has issued a formal Request for Information (RFI). This is envisioned as the first step in determining the potential scope of the project as well as identifying possible development partners who have an interest in pursuing a comprehensive land use agreement with the University.
The eventual agreement could generate significant private funding for improvements to Williams-Brice Stadium, allowing for the expansion of the venue’s use for other public events in addition to college football games. The venue first opened in 1934 and has a current capacity of 77,559.
There are four major goals for the project, set by the University:
- Make improvements to Williams-Brice Stadium that enhance the fan experience and allow for the expansion of the venue’s use for other public events in addition to football games.
- Fund those improvements through a Master Development Agreement or a Ground Lease of existing University property. This is intended to generate revenue without burdening taxpayers, students or fans.
- Leverage existing University owned or controlled properties to generate the new customer-based cashflows necessary for improvements.
- Ensure that the leveraged use of University property has positive, broad, year-round economic impact for the Midlands community.
“We believe this could be a game changer for our university,” said South Carolina athletics Director Ray Tanner. “These projects are envisioned to create a fan experience second-to-none in college athletics. We are also looking at expanding the variety of events and opportunities these enhancements can bring, which will positively impact the local community.”
For Williams-Brice Stadium, one of the primary goals is to expand premium offerings. The venue currently has the second-lowest number of luxury suites among Southeastern Conference (SEC) stadia, with more than 100 fans on the waiting list.
The project is intended to be split into two phases. The first is development of areas adjacent to and including the existing footprint of Williams-Brice Stadium, as well as more than 800 acres of undeveloped property the University owns and/or controls along the Congaree River west of the existing Long Family Football Operations Facility.
The second phase is 17 acres adjacent to Colonial Life Arena, primarily home to USC’s basketball teams, that currently includes surface parking and related property owned or leased by the University.
Ed Walton, USC’s executive vice-president for administration and chief financial officer, said the potential agreement of a business partnership would allow for significant revenue generation without burdening students or taxpayers.
“We have a once in a generation opportunity to move forward on needed facility improvements through a partnership that doesn’t require public financing,” he said. “We intend to develop a project and select a partner who has a strong track record of creating commercial projects that benefit the entire community through job creation and new businesses that will make Columbia and the Midlands more vibrant than ever.”
USC has stressed the project will not include moving Williams-Brice Stadium from its current location or acquiring and developing the State Fairgrounds. Tanner added: “We don’t need to acquire new properties. We need to take advantage of all USC has to offer.” No disruption to future home football game schedules is anticipated.
A deadline for responses to the RFI has been set at March 7, with USC hoping to break ground on the project within the next 12 to 15 months.
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