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10 mo. ago
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A run-down of all the Wyndham City Stadium (Western United) news from the last 24hrs (ESPN, The Australian, & official A-Leagues press release)
15k Wyndham City Stadium to be built by 2026-2027. Modelled on PayPal Park in US
Aiming to lay the foundations of the stadium by mid-late 2024
2.5k temporary seats have been purchased for the 5k training precinct. Club hopeful of playing out of there by March 2024
Melbourne property developer YourLand Developments (who are managing the already-approved masterplan) & American building technology group Johnson Controls (a NY stock-exchange listed conglomerate worth AU$56bn) are investing in the AU$2bn development of the entire precinct (as I understand, which includes the 15k stadium, as both the stadium and precinct and intricately linked)
Johnson Controls are the "technology partner of the project" which I assume means they'll be the official construction partner (what Probuild were supposed to be before their collapse). [However I'm speculating here - it's possible a seperate construction partner will be announced now that the $2bn funding has been approved.]
A $50 mil debt facility (a type of loan agreement) will help unlock the public-private partnership with Wyndham City Council for the stadium & then the entire 62.5ha precinct. WMG (West Melbourne Group) have already spent $70mil on prep work (via investors such as Scott Pendlebury, Thanasi Kokkinakis, etc.) but needed this extra $50mil to lock in the next stage of development.
[A few things: firstly, this need for an up-front $50mil would explain the promised funding (of $50mil-$100mil) from the Liberal Party last year (if they won the election). Second, I assume this need for the $50mil explains the delays (by a few months) for moving into the 5k training precinct. There were rumours (speculation) that WMG hadn't yet paid for the access roads, hence the delay. If true, this funding should clear that up.]
Entire 62.5ha project (stadium & precinct masterplan) hoping for a phased completion over 10 years. Four distinct precincts including: High Performance Sports Precinct, Stadium Precinct, Residential Precinct; Commercial and Mixed-Use Precinct.
Will eventually be approx. 100,000 people living in the precinct (within a 2km radius)
Player payments delay was simply due to banking transfer limits being exceeded, was just a 24hr delay
[Final note: I believe the value capture model previously touted by WMG will still help fund the precinct down the track, but this up-front money will help with the initial construction.