College football hall reassessing cost, size, Atlanta opening date (Kennesaw: appointed, 2013)

[tonygeorgia]

Time out: College football hall reassessing cost, size, Atlanta opening date *| ajc.com

Originally scheduled to open later this year, the College Football Hall of Fame in downtown Atlanta is headed back to the drawing board with no new date for the project's groundbreaking, much less its completion. And the hall's owner is disappointed by the delays.

Atlanta Hall Management, the group responsible for planning and building the attraction, is reassessing all its plans for the football shrine, including its cost, size and anticipated annual attendance. Among the reasons for the delay was a fall-off in fundraising. After an initial burst of donations, new investors have become difficult to find.


They'll have to work fast. The National Football Foundation, which owns the rights to the facility, expects to see a new plan at its board meeting in mid-April, said Steve Hatchell, president and CEO of the foundation.

"We like the reset. At 30,000 feet, all the reasons we wanted to move to Atlanta are still there," Hatchell said. "Yes, we're disappointed [by the delays]. Is it a make-or-break type thing now? No, it's not."


Slated to be located in what is now the "green" parking lot of the Georgia World Congress Center, at least 500,000 football enthusiasts were projected to visit annually, far above the about 60,000 who visit it on average each year now in South Bend. One projection anticipated a $560 million impact to the city over the first 10 years.

The state of Georgia was so encouraged by the new hall that the Legislature allotted $10 million in general obligation bonds for land purchases at a time when state leaders were squeezing teacher salaries and laying off employees. The Atlanta Development Authority, now called Invest Atlanta, also stepped up, pledging $10 million in new market tax credits.

Other investors included SunTrust, which offered $15 million in new market tax credits, Chick-fil-A (a $5 million donation) and the Chick-fil-A Bowl ($5 million). All totaled, the facility has about $33 million in commitments.

But the project has struggled since, including delayed construction and opening dates, yo-yoing costs and dwindling commitments for funds. What was to cost $50 million for a 50,000-square-foot facility later grew to $82 million for 75,000 square feet.

[tonygeorgia]

$10 million in general obligation bonds + $10 million in new market tax credits + SunTrust, which offered $15 million in new market tax credits + Chick-fil-A (a $5 million donation) + Chick-fil-A Bowl ($5 million)= $45 million.

They said they only needed $50 million for a 50k sq ft facility

[FromGA]

It says: "All totaled, the facility has about $33 million in commitments."

So I suppose all those 10s and 5s cannot just be added together. Some of them are tax credits in the future???

[po-boy]

Thanks for the update. I have been very curious what was happening with this project.

It seems that the management really fumbled the ball (groan, sorry, couldn't help the bad pun) with the budget. It was all set to go as a $50 million project, but then they inexplicably increased it to a larger $82 million project, that was not doable, and now everyone has egg on their face. If they had stuck with the original plan I honestly think this thing would under construction right now and on its way to being a great attraction for Atlanta.

Does anyone know who pushed for the increase in size/cost? Was it Gary Stokan the former head of the Atlanta Hall Management group who then bailed when things got tough?

Hopefully this "reset" will get it back on a reasonable scale and get this thing going. It seems like such a natural fit for Atlanta which is the unofficial capital of the SEC and also has some ACC presence. I'd really hate for it to end up in Dallas.

[arjay57]

Not to be negative but I've wondered about all these museums all along. Is there really that much of a market for them?

[FromGA]

If I were trying to raise 50 million for 50K sq ft, but could not raise it... one strategy I might pursue to delay, or muddy the waters is to say I am going for 80 million / 80K sq ft. That is my conspiracy theory on all the changes.

[po-boy]

According to the AJC, the current College Football Hall of Fame in South Bend is still closing at the end of the 2012 season despite the problems with the plan in Atlanta.

Pure speculation on my part: while unfortunate for those who will want to visit in 2013, I feel like this is slightly good news for Atlanta b/c it seems more likely that they will stick with the plan of an Atlanta relocation if the South Bend location is closed. If the South Bend location were staying open maybe it would be more likely they would reassess the relocation and be more likely to get Dallas back in the mix.

College football hall closing at year end, despite Atlanta challenges *| ajc.com

[arjay57]

Apparently the state legislature has axed $10 million in bond funding for this project. They also eliminated $5 million in bond funding for improving the property next to the GWCC which was supposedly going to be a site for a new Falcons stadium.

However, they added funding for projects at Lanier Technical, Gwinnett Technical and Kennesaw State.

I guess education has to come first.

Georgia House budget targets Atlanta projects - Atlanta Business Chronicle

[po-boy]

Definitely not looking good for this project now. The Hall management group really overreached when they scrapped the original plan and enlarged it from a $50 million to an $82 million project. I think the door may be open for some of those bonds to be approved in the future, but the whole thing is going back to the drawing board from the sound of it.

Good to see the state supporting building projects for area colleges though.

[BackInATL2011]

Does any body else thinks that this would do better in Pembleton Place where the Civil Rights Center is being built. I would hate to diminish from that project but it seems to fit better with the GA Aq and the World of Coke. The two projects can just switch proposed locations IMO. My wife and I walked around Centennial Olympic and Pembleton Place this weekend and was thinking about that.