FC: Beaver Stadium renovation Phase 1 to be presented to BOT....

[Midnighter]

Article from Nate this morning:

Penn State to present first phase of Beaver Stadium renovation for Board of Trustees approval

Penn State is set to present its proposal for the first stages of an expansive Beaver Stadium renovation to the Board of Trustees next month.

www.on3.com

Penn State president Neeli Bendapudi announced on Feb. 17 the university’s intentions for Beaver Stadium. Following years of formulating a plan for the future of the 63-year-old stadium, a major renovation was landed upon as its next step.

The project, in its final stages of planning, is soon set for the first part of formal presentation.

According to multiple sources familiar with the expansive project, the initial phase of the proposal will be presented to Penn State’s Board of Trustees at its May 4-5 meetings for a renovation with total costs estimated to run as high as $700 million.

The project will primarily focus on the west side of the stadium, including a complete demolition of the current stands and the press box. In its place, the proposal is for a rebuild with new stands, including expanded chair back seating on its lower level, as well as luxury amenities, suites, and loge boxes. Additionally, space for press seating and media amenities will be included.

@PSUFTG

Does anyone have a link or pics of the proposed stadium renovation?

Let's goooooooo!!!!!

 

[BobPSU92]

Only $700 MM? Come on, dumbly. Let’s get it up!

 

[TheBigUglies]

What about the visiting locker rooms? Will they put them closer to the field entrance? When they close those damn gates there is no way to get around until they open them.

 

[BobPSU92]

What about the visiting locker rooms? Will they put them closer to the field entrance? When they close those damn gates there is no way to get around until they open them.

Get rid of the visitor locker rooms. They can change on the bus.

 

[GrimReaper]

Article from Nate this morning:

Penn State to present first phase of Beaver Stadium renovation for Board of Trustees approval

Penn State is set to present its proposal for the first stages of an expansive Beaver Stadium renovation to the Board of Trustees next month.

www.on3.com

Penn State president Neeli Bendapudi announced on Feb. 17 the university’s intentions for Beaver Stadium. Following years of formulating a plan for the future of the 63-year-old stadium, a major renovation was landed upon as its next step.

The project, in its final stages of planning, is soon set for the first part of formal presentation.

According to multiple sources familiar with the expansive project, the initial phase of the proposal will be presented to Penn State’s Board of Trustees at its May 4-5 meetings for a renovation with total costs estimated to run as high as $700 million.

The project will primarily focus on the west side of the stadium, including a complete demolition of the current stands and the press box. In its place, the proposal is for a rebuild with new stands, including expanded chair back seating on its lower level, as well as luxury amenities, suites, and loge boxes. Additionally, space for press seating and media amenities will be included.

@PSUFTG

Does anyone have a link or pics of the proposed stadium renovation?

Let's goooooooo!!!!!

So is the entire project coming in at $700mm or just Phase I? My guess is the former. Nothing like poor sentence structure.

Gonna be interesting, to say the least.

 

[PSU12046]

Get rid of the visitor locker rooms. They can change on the bus.

Is it a pink bus?

 

[PSUJam]

So is the entire project coming in at $700mm or just Phase I? My guess is the former. Nothing like poor sentence structure.

Gonna be interesting, to say the least.

It says $700mm for the total renovation so I assume approx $350mm a side.

 

[BobPSU92]

Is it a pink bus?

Come on, baby, take a chance with us
Come on, baby, take a chance with us
Come on, baby, take a chance with us
And meet me at the back of the blue bus
Doin' a blue rock on a blue bus
Doin' a blue rock, c'mon yeah!

 

[BobPSU92]

How many wins will that $700 MM buy?

 

[CyphaPSU]

How many wins will that $700 MM buy?

Too bad it's not NIL money

 

[Midnighter]

Too bad it's not NIL money

We'd have the college football version of this:

(Basically Alabama)

 

[razpsu]

I’ll make sure you guys go to first couple of games after the remodel.

 

[psuro]

Come on, dumbly. Let’s get it up!

 

[GrimReaper]

It says $700mm for the total renovation so I assume approx $350mm a side.

So what's being presented to the Board in May, Phase I or the total project?

Without considering the intricacies of construction, I'd schedule the press box for last. Failing that, I'd leave the areas assigned to Flounders and Jones in a raw sate until the very end.

 

[WVilleLion]

So what's being presented to the Board in May, Phase I or the total project?

Without considering the intricacies of construction, I'd schedule the press box for last. Failing that, I'd leave the areas assigned to Flounders and Jones in a raw sate until the very end.

The trailer press box is f n horrible. The west side needs to be first. That provides quickest way to start getting money back through additional premium seating.

 

[PSUJam]

So what's being presented to the Board in May, Phase I or the total project?

Without considering the intricacies of construction, I'd schedule the press box for last. Failing that, I'd leave the areas assigned to Flounders and Jones in a raw sate until the very end.

I believe it's just phase 1 but I'd imagine they have to present how it fits into the total project.

 

[PSUJam]

The trailer press box is f n horrible. The west side needs to be first. That provides quickest way to start getting money back through additional premium seating.

Yep, and Taylor Swift could sell the Beav out in 10 minutes.

 

[91Joe95]

This looks like a more than nominal decrease in capacity.

 

[PSUFTG]

Yep, and Taylor Swift could sell the Beav out in 10 minutes.

Why, do you think, that hasn't happened for the last 5 years?

 

[PSUJam]

Why, do you think, that hasn't happened for the last 5 years?

Because Taylor Swift hasn't played there!

 

[GrimReaper]

The trailer press box is f n horrible. The west side needs to be first. That provides quickest way to start getting money back through additional premium seating.

Given the occupants, it can't be bad enough. How about this: do the west side and the press box shell. Furnish the box with a bunch of folding tables and chairs until everything for the paying customers is done.

 

[Midnighter]

Given the occupants, it can't be bad enough. How about this: do the west side and the press box shell. Furnish the box with a bunch of folding tables and chairs until everything for the paying customers is done.

 

[Woodpecker]

Yep, and Taylor Swift could sell the Beav out in 10 minutes.

Is this one of those instances in which Beaver Stadium needs to be spelled out in full?

 

[Midnighter]

Is this one of those instances in which Beaver Stadium needs to be spelled out in full?

 

[BobPSU92]

Article from Nate this morning:

Penn State to present first phase of Beaver Stadium renovation for Board of Trustees approval

Penn State is set to present its proposal for the first stages of an expansive Beaver Stadium renovation to the Board of Trustees next month.

www.on3.com

Penn State president Neeli Bendapudi announced on Feb. 17 the university’s intentions for Beaver Stadium. Following years of formulating a plan for the future of the 63-year-old stadium, a major renovation was landed upon as its next step.

The project, in its final stages of planning, is soon set for the first part of formal presentation.

According to multiple sources familiar with the expansive project, the initial phase of the proposal will be presented to Penn State’s Board of Trustees at its May 4-5 meetings for a renovation with total costs estimated to run as high as $700 million.

The project will primarily focus on the west side of the stadium, including a complete demolition of the current stands and the press box. In its place, the proposal is for a rebuild with new stands, including expanded chair back seating on its lower level, as well as luxury amenities, suites, and loge boxes. Additionally, space for press seating and media amenities will be included.

@PSUFTG

Does anyone have a link or pics of the proposed stadium renovation?

Let's goooooooo!!!!!

“Following years of formulating a plan for the future of the 63-year-old stadium, a major renovation was landed upon as its next step.”

I wonder why it took years. A certain someone definitely had this.

 

[Midnighter]

“Following years of formulating a plan for the future of the 63-year-old stadium, a major renovation was landed upon as its next step.”

I wonder why it took years. A certain someone definitely had this.

Sandy and Eric.....

 

[GrimReaper]

“Following years of formulating a plan for the future of the 63-year-old stadium, a major renovation was landed upon as its next step.”

I wonder why it took years. A certain someone definitely had this.

Yeah, I wonder if this means that the Anne Saunders Barbour See-ment Pond ain't gettin' built. Great time to be going to the market for debt financing. Ms Excellence, the gift that keeps on giving.

 

[CDLionFL]

Demolish the West stands and press box on December 12 (approx) after winning the playoff quarterfinal (assuming no bye…how dare I assume that) and have the new stands and press box ready by Sept 4 (approx). Ambitious.

 

[STL_Lion]

What about the visiting locker rooms? Will they put them closer to the field entrance? When they close those damn gates there is no way to get around until they open them.

Franklin wants to have both PSU and visiting lockers connected by one tunnel like Michigan as this design worked out great by the Harvard of the Midwest Michigan Men.

 

[PSUalum2007]

Yeah, I wonder if this means that the Anne Saunders Barbour See-ment Pond ain't gettin' built. Great time to be going to the market for debt financing. Ms Excellence, the gift that keeps on giving.

Sandy baby!!

 

[91Joe95]

Why, do you think, that hasn't happened for the last 5 years?

Raise your hand if you think Taylor Swift or any band will be playing outside in the winter.

 

[kgilbert78]

Parts of it are older than 63 years....

 

[BobPSU92]

Yeah, I wonder if this means that the Anne Saunders Barbour See-ment Pond ain't gettin' built. Great time to be going to the market for debt financing. Ms Excellence, the gift that keeps on giving.

There goes all that swimming NIL money.

 

[BobPSU92]

Raise your hand if you think Taylor Swift or any band will be playing outside in the winter.

We would need a new weather thread.

 

[GrimReaper]

We would need a new weather thread.

How far up Emmert's *** do you think Katie Ledecky would like to stick her boot?

 

[PSUSignore]

Demolish the West stands and press box on December 12 (approx) after winning the playoff quarterfinal (assuming no bye…how dare I assume that) and have the new stands and press box ready by Sept 4 (approx). Ambitious.

I assume this renovation will follow a similar path as what Texas A&M did with Kyle field. They renovated over 2 years and didn't disrupt their home football schedule at all.

Saddle up, ticket prices are almost certainly going to increase.

 

[WVilleLion]

Given the occupants, it can't be bad enough. How about this: do the west side and the press box shell. Furnish the box with a bunch of folding tables and chairs until everything for the paying customers is done.

It is not much better than that right now. Make it sweet accommodations and they can ask for a sweet amount of extra $$$$$.

 

[Nitt1300]

I assume this renovation will follow a similar path as what Texas A&M did with Kyle field. They renovated over 2 years and didn't disrupt their home football schedule at all.

Saddle up, ticket prices are almost certainly going to increase.

almost?

 

[PSUFTG]

Math (apologies to LionJim):

PSU Brings in roughly $50 million per year in football ticket/seat license revenue.

So, assuming:
A $700 million spend on renovations, financed by debt
A 5% annual interest rate on the debt
The number of seats in the stadium remains the same (that's certainly not a sure thing), and that the stadium would continue to sell out every game (more or less, ie: whatever they do now)

In order to pay off that debt over 25 years, the average ticket/seat license charge, just to account for that new debt, would have to immediately increase by.... 100%. (Along with, of course, the normal annual ticket increases over time)
To pay it off over 30 years, would have to have an immediate increase of just over 90%.
At current long-term debt rates (which are still relatively low, and assuming PSU's bond issue would be looked on very favorably in the markets) of around 3.5%, the required price increase would be roughly 80%.

And that would assume no other significant CapX spends would be required over the next 25-30 years.


Bottom Line, If PSU ICA has to pay for it themselves - not funded by Pennies from Heaven, Donations, or Tuition Revenue:
Requires roughly doubling average price per ticket - with no negative impact on the market (fan willingness to pay) - for the next 30 years


(Lion Jim can check the math )

 

[GrimReaper]

Math (apologies to LionJim):

PSU Brings in roughly $50 million per year in football ticket/seat license revenue.

So, assuming:
A $700 million spend on renovations, financed by debt
A 5% annual interest rate on the debt
The number of seats in the stadium remains the same (that's certainly not a sure thing), and that the stadium would continue to sell out every game (more or less, ie: whatever they do now)

In order to pay off that debt over 25 years, the average ticket/seat license charge, just to account for that new debt, would have to immediately increase by.... 100%. (Along with, of course, the normal annual ticket increases over time)
To pay it off over 30 years, would have to have an immediate increase of just over 90%.
At current long-term debt rates (which are still relatively low, and assuming PSU's bond issue would be looked on very favorably in the markets) of around 3.5%, the required price increase would be roughly 80%.

And that would assume no other significant CapX spends would be required over the next 25-30 years.

(Lion Jim can check the math )

Barry,

The presentation to the Board will be made in about two weeks. Will it simply be informative or will you be expected to vote on it?