Developer Crawford Hoying plans to work with Dublin city employees and City Council to explore funding sources for a field house proposed for the Bridge Street District, Matt Starr, Crawford Hoying development director, told council members Feb. 25.
Crawford Hoying intends to build a 2-story, 150,000-square-foot multipurpose athletic-events facility at Bridge Park with the ability to play host to events for up to 5,000 people, Bob Hoying, Crawford Hoying principal, said during their presentation of proposed projects.
"That's something that you don't see in our marketplace," Hoying said.
The area would be able to include up to eight basketball courts or 16 volleyball courts, Hoying said.
During weekends, the space would be designed to host trade shows, regional and national sports tournaments, competitions and other events, Hoying said.
The field house would be in block J of the Bridge Park development, a block also slated to include a 5-story, 125,000-square-foot office building, a 6-story parking garage and a 5-story, 70-unit residential or office building, Hoying said. Adjacent to the area would be the headquarters for the Wendy's Co.
Crawford Hoying officials estimate a development budget for the project of a little more than $35 million, Starr said.
The funding that Crawford Hoying is trying to solicit would be necessary to service debt from a bond that would be used to finance the project, Starr said. Crawford Hoying has projected that about $850,000 per year would be needed for the life of that bond – a 30-year term, he said.
Alternatively, that funding could be generated prior to the start of the project so the amount of money required up front to be borrowed could be reduced, Starr said.
If funding were to be committed, design and construction for the project would take two years, Starr said. The field house ultimately would be managed by a third party, which hasn't been identified yet.
Council members expressed support for the project and an interest in helping search for funding solutions – but not city funds.
Vice Mayor Chris Amorose Groomes said she is looking forward to hearing more details about the project and said the city should help identify funding sources.
"I really like the concept," she said.