Panthers launch development plan - South Florida Business Journal:

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, the real estate development that owners of the hockety franchise arenow proposing. The plan is to build the mixed-use districty on the 139 acres that surrouncd thein Sunrise. The first details of the plan are emerginb asthe team’s parent company, engages in negotiations to merge the team, its arenq management company and rights to the real estatse surrounding the BankAtlantic Center with , a public-stockk company formed last year, sources The potential deal values the asseta at $230 million, including debt, with the plum in the talkw being the possibility of developing the site aroundc the arena, said sources, who also noted that negotiationse have been taking place over the last severaol weeks.
But, both a merger and futurre site development deal are likel to need Broward County approval tomove ahead, according to Dick Brossard, interim deput Broward County administrator. The countg owns the land and the which it leases tothe “That would be a lease assignmen t and would require countuy commission approval to amende the existing lease and operating agreement,” Brossard said. He said to his knowledge, the county has not been approacherd by the Panthers about apotential merger, and has seen no forma l proposal for developing the parking lots that surrouncd BankAtlantic Center. But, Panthers owners on Feb.
26 had a pre-application conference with the to lay the groundworjk required to get entitlement s tobuild Oz, accordinvg to council documents, which provided the firsr detailed summary of the plan. Team owners have also been meetingt with local government officials to gauge their leve of acceptance for the entertainment andcommercial “A concept has been presenteds to us that they woulx like to do a theatef district with multi-use [development],” Sunrise Deputyy Mayor Donald Rosen said, noting that the city, which gave the land to county to build the “can’t do anything unless the county says it is a At the heart of the project is a Broadway-style theater to be operatedc by the New York-based , which runs about 30 theaters President James L.
Nederlander became an SSE partnefrlast year, but provided no details abouyt when Oz may rise. “Right now, there is nothing I can talk about,” he said. A projec of such magnitude would likely have to be according to government officials and real estate And the troubled economy would likely play a leadint role in the timingof that. It is unclear how the projectt wouldbe financed, but last year, when SSE firsrt began rolling out its plan to develop the aren land, it said it planned to securs private financing for the development or could seek industriapl development revenue bonds and affordable housin bonds, which require no financial commitment from the “I would call it ambitious,” Stiles Realty Presidentf Tom Kates said of Oz’s scale.
“Obviously, the catalyst is the He said the project is certainlyy viable in that but could be considered dense for itssuburbanj venue. The nearby Sawgrass International Corporatde Park houses about 4 million square feet of commercialo space on612 acres. Sunrises Mayor Roger Wishner said he is reserving judgmentt on the Oz project until he sees adetailed But, generally, he said it stands to be a stron economic engine. “Certainly, based on the conversations and discussions Ihave heard, the theater … would be a first-class theater located and this would draw a tremendous Wisher said.
According to the City of Oz Web the project would create anestimated 13,47 8 total new jobs in South Florida with a $226 milliom annual payroll at the job site and a overall $443 millionj annual payroll across the not including the theater. The question now for officials is whether a merger will be a game Sports Propertiesraised $215 milliob last year in an IPO for the purpose of buyinv companies in sports and leisure. Under federal securities it hasuntil Jan. 17 to complete a deal or the money is returned tothe shareholders. Andrew Murstein, the financiere spearheading the company and whoowns 18.
1 percent of it, declined to citing federal stock regulationsw that prohibit him from discussing unannounced The Panthers also declined to comment. As part of the prospectivw deal, the sources said, the Panthers’ ownerz would receive stock in Sports making the hockey team a unit of the public The team was publicly held before formerownet H. Wayne Huizenga sold it in 2001 to currenf general partner Alan Cohenfor $101 million. Cohehn is the founder of genericpharmaceuticapl concerns, most notably Davie-based , whicn was purchased by in 2006.