i know this is project is in the very early stages, but i asked this before, how is it that UM will benefit from the tropical park development since it will be Ruiz's deal, not UM's? Is UM putting in equity or is it going to be a tenant just like at HRS?
If you let UM retain nearly all of the ticket/parking/food/bev/merch revenue, while keeping the basic costs of the stadium on the books of the park (water the grass, custodial clean up, painting the building, etc.) that would put more money in UM's pocket (maybe UM foots the bill for the snack bar workers and the parking attendants).
Ruiz benefits from the "for-profit" development.
I just think it's important to draw a bright line of distinction between "the stadium" and all of the other economic development PLANNED for the area.
That is not an attempt to convince you, just an illumination of the different stuff that is involved.
I can give you another example of a project I worked on. If you drive up to Daytona, you will see that Daytona International Speedway is on one side of US 92, and MOST of the economic development is on the other side of the road (except for Cracker Barrel, Olive Garden, etc.).
There are two very large pedestrian bridges across US 92.
The "Speedway" side of the road (MOST of the land is owned by the City of Daytona Beach and leased to Speedway/NASCAR) generates revenue predominantly during racing events. The City has a couple of events that it runs "on its property", a major one is in November (Turkey Trot) and when the city had control of the facility, we were not allowed our "normal" access to certain areas (our employee gym was in the infield of the track, right next to the Infield Care Center).
So from an "economic activity" standpoint, the "Daytona International" racetrack (land owned by Daytona) is a lot like how most of Tropical would be run, there is a large sports facility in the middle, but it mostly generates revenue for the primary tenant just a couple of times per year.
On the OTHER side of the road, though, is where the whole retail/dining/entertainment district is. Bass Pro Shops, a bunch of restaurants, a movie theater, a hotel, and some housing. This property is ACTUALLY owned by Speedway/NASCAR, it was purchased from GE several decades ago. This development generates revenue year round. In all honesty, DURING RACE EVENTS, the lines are blurred. A lot of the PRIVATE parking (retail/dining/entertainment) is used for the race events. People go back and forth between both areas, spending money in both places.
I FULLY ADMIT, it is easier to understand the revenue distinction when there is an 8-lane road running down the middle of the development.
If you want to discuss it in greater detail, DM me. It's some fascinating stuff, when you realize how much money is dropped in such a short span of time. And, yes, for NON-NASCAR businesses (Volusia Square Mall, Hooters, all the other restaurants across the street), it is not even possible to argue that the big events do not, essentially, "shut them down" on the parking side of things. Almost nobody who LIVES THERE goes to any of those restaurants DURING RACE EVENTS. It's just impossible.
But everyone figures out how to make it work. And the big race events can involve 150,000 spectators, so I understand the parking and logistical issues too.
And we ran 12 NASCAR racetracks with about 20 Cup weekend events.
It's do-able. Tricky and challenging, but do-able.