EXCLUSIVE: Cost of Soccer Stadium Soars by $13.7M — 70% Increase in 2 Years, Now $137.7M
GoLocalProv News Team
EXCLUSIVE: Cost of Soccer Stadium Soars by $13.7M — 70% Increase in 2 Years, Now $137.7M
In 2022, the developer of the stadium, Brett Johnson, projected the cost of the stadium to be $81 million. Now, the price of the stadium has increased by 70% in less than two years.
The report secured by GoLocal was prepared on behalf of the developers in anticipation and as a support document for the issuance of tens of millions of dollars of bonds by the City of Pawtucket.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe firm that developed the report is Chicago-based Johnson Consulting. The report is dated October 2023.
In 2018, The United Soccer Leagues, LLC, announced Johnson Consulting as its Official Stadium Assessment Supplier. Johnson Consulting will be an official supplier for all related properties.
In the report, Johnson Consulting raises concerns about the projected attendance levels and cites that proposed ticket prices are too high.
According to Johnson Consulting, the Pawtucket-based team is projected to draw 7,667 fans per game — 33% more than the league average of 5,732.
Johnson Consulting is not believed to be related to the Pawtucket soccer stadium’s developer, Brett Johnson.
The majority of this work is focused on owner's representation, public-private partnership advisory, planning, market and feasibility studies, economic and fiscal impact assessments, economic development, strategy development, tax analysis and projections, site selection, development consulting, developer and investor recruitment, as well as downtown and suburban development and redevelopment planning.
Some of the Key Financial Claims:
- The occupancy of the stadium will be 73.3%
- The stadium will host 17 soccer games and seven additional events
- Johnson Consulting’s report states that Brett Johnson and his team's financial claims regarding attendance may be inflated.
“Johnson Consulting reviewed the projected average attendance per event presented by ownership. It is our opinion that overall the attendance levels appear to be slightly aggressive relative to its peer stadiums and markets with the USL Championship [league],” writes Johnson Consulting.
“Overall, based on comparative markets and venues across USL. Rhode Island FC’s initial attendance projections can be perceived as slightly aggressive. Thus, Jonson Consulting has reduced projected attendance to slightly more conservative attendance figures. The materiality of this reduction in paid attendance is approximately 4.76% in year 1 and 6.1% in Year 5.”
Ticket Prices Too High Says Consultant
Johnson Consulting warns that the ticket prices, as proposed by the developer, are too high.
Johnson Consulting writes, "As it relates to premium seating average ticket price, ownership is projecting an average premium seat price price of approximately $80, netting out price for suite tickets. In looking at the average amongst all ticket prices inclusive of the premium and non premium, Rhode Island FC is approximately $41, which is slightly higher than the average $35 average as some of the newer venues and better-performing markets.”
The document also unveils that the developer believes that the naming rights for the stadium will generate $750,000 annually.
Parking $20 Per Car
According to Johnson Consulting, the vast majority of attendees will travel to the games by car and 2,133 vehicles will pay the proposed parking fee of $20.
Concessions $15.50 Per Person
The only area in which Johnson Consulting identifies the developer's numbers to be conservative is concessions. Johnson Consulting believes the average fan spend on concessions will be $15.50 per fan versus the team's projection of $14.50 per fan.
Thumbnail Photo; Brett Johnson on the Podcast Jay Young