This planned $345 million development includes a new 550-room Sheraton® convention center headquarters hotel, a 12,000-seat event center, an entertainment/retail zone, 880 spaces of structured parking, a Rail Runner Bridge and Canopy and related infrastructure.
Initial plans for the event center include at least two minor-league teams, concert seating for 12,000, a private club, 32 executive suites and up to 500 premium seats. The event center is projected to attract 135 events and 650,000 attendees annually.
Garfield and its team proposed an innovative multi-tiered financing plan for the development that included a substantial private capital commitment with public financial participation limited to the City’s taxing authority at the time.
Projected revenue to the City after debt service was $5.6 million in the first five years growing to $25 million in later years. An estimated 2,600 to 3,400 construction jobs and nearly 1,000 permanent jobs are projected to be created by the development.