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November 17, 2009
Silverdome sold for less than a studio apartment in Manhattan
And we have a winner in the Pontiac Silverdome auction: A Toronto-based real estate company won the 34-year-old former home of the Detroit Lions with a bid of $583,000, or just over 1% of what it cost to build originally. Even though the price was low, getting the stadium into private hands was important for Pontiac's financial health, according to Fred Leeb, the city's emergency manager. "Even I have to admit that the number is lower than I would like," Fred Leeb, Pontiac's state-appointed emergency financial manager, told the Wall Street Journal. "But I'm happy that we made the decision. Procrastination was literally costing us millions of dollars."
The names of the Silverdome's new owners weren't revealed, but Leeb did say that they plan on using the dome for a Major League Soccer franchise, as well as a pro women's soccer team. That's a bit odd, given MLS's increasing insistence that its teams play in soccer-only stadiums, but I guess at that price, the Toronto group can afford to buy a stadium that it plans to throw away in a couple of years.
Suppose it's good that the 1.5 mil a year is off Detroit's books. But unfortunately like everything else real estate wise in Detroit lately they could barely give it away.
Posted by Dan on November 17, 2009 03:30 PM
Wow. MLS in Detroit? That's an absolute steal for a stadium. Very interesting.
Posted by nyrmetros on November 17, 2009 04:28 PM
Wow. MLS in Detroit? That's an absolute steal for a stadium. Very interesting.
Posted by nyrmetros on November 17, 2009 04:33 PM
Seems doubtful that MLS would ever play at the Silverdome. The most recent teams have been requiring either a soccer specific stadium like Toronto and Portland or a larger stadium that's heavily modified or designed for soccer like Vancouver and Seattle. The Silverdome is neither as it stands and will require more money to modify than it would to demolish it and build a new stadium that is more suited to soccer.
Which ignores the fact that to date the MLS has shown no interest in the Detroit market. Their most recent mentioned targets are Montreal, Florida and a second NY team.
Now the Division 2 USL has recently mentioned that Detroit is going to be an expansion city in that league. But the Silverdome is about 75,000 seats too big for a USL team's average crowd.
Posted by Dan on November 17, 2009 04:38 PM
If this stadium is used for any sport it would great to do the marketing deals. First promotion, buy 1 ticket get 100 free!
I think they could make more money using it as a storage facility.
Posted by floormaster squeeze on November 17, 2009 04:47 PM
>>I think they could make more money using it as a storage facility.<<
Well, someone whose previous offer fell through awhile back said he might turn the place into a landfill. Then again, the entire Detroit area is pretty much a huge glorified landfill.
And there's no way MLS would be foolish enough to put a franchise anywhere near the "Murder City."
Posted by Strider on November 22, 2009 06:41 PM