June 20, 2024

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Scoop: The Tennessee Titans are exploring a new stadium

Scoop: The Tennessee Titans are exploring a new stadium

Nissan Stadium renovation talks between the management of Mayor John Cooper and the Tennessee Titans have expanded in recent weeks to include the possibility of building a new stadium, multiple sources told Axios.

why does it matter: The new stadium will be a dramatic centerpiece in the team’s broader plan to transform East Nashville’s riverfront through an ambitious mixed-use redevelopment.

  • The emergence of a potential new stadium is re-emerging negotiations that have been underway for months.

News Leadership: Renewal talks took a turn recently as both sides discovered that the price for necessary upgrades in April had unexpectedly risen.

  • Tennessee I mentioned earlier this month The cost to renovate the 23-year-old Nissan Stadium was $600 million, but a Titans spokesperson told Axios that the actual cost is now estimated to be about twice that.
  • Titans emphasized that given the high cost estimates, “we need to step back and reassess whether renovating the stadium is the most responsible option forward and explore other paths.”
  • “For example, the stadium’s structural frame was built of concrete and had to be largely replaced by steel. The mechanical, plumbing and electrical systems had to be completely replaced. The window system throughout the building is so old that it wasn’t made any more.”

what does he say: In a statement to Axios, Cooper acknowledged that “the revised cost estimates require us to closely review whether the new stadium would be a better financial decision in the long run.”

  • “We’re not going to accept anything but the best-case scenario for Nashville,” Cooper says.

Between the lines: Under the current lease between the Titans and the Metro Nashville Sports Authority, the city must pay for maintenance and maintain the stadium in a condition commensurate with similar venues across the country.

  • This commitment puts the city in a bind for millions of dollars in improvements. The Giants owe at least $25 million in stadium repairs that have already been made.
  • The Giants say they are committed to a new stadium lease that will remove “the Nashville public money from the stadium business once and for all”.
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What we are watching: A string of unknowns remains as discussions begin over the new stadium.

  • Officials did not say if the new stadium would be indoor with a dome, if it would include a retractable roof or if it would be an outdoor venue.

The plot: An indoor stadium that would position Nashville to host the Super Bowl, NCAA Final 4, and winter concerts. This will increase the city’s overall tax benefit, but it will also increase stadium costs.

  • Talks between the Titans and Cooper have been progressing well, but it’s unclear how the prospect of a new stadium alters the timeline for a deal.
  • The initial plan was to take advantage of a state law passed last year using some of the sales tax dollars obtained in the new development to help pay for stadium upgrades.
  • This part of the plan will remain the same. But the giants will likely have to put more effort into the game to make the funding work.

recovery: Amy Adams Strunk, principal owner of Titans, said she did not want a new stadium and Prefer a Nissan repair instead.

  • But for tourism industry stakeholders, there has been some consternation that the outdoor stadium will limit Nashville’s ability to host the Super Bowl.
  • The first NFL event is usually shown indoors or in cities with warmer weather than Nashville, although there are exceptions, such as New York in 2014.

In numbers: The Allegiant Stadium, the main Las Vegas Raiders stadium, opened in 2020 and It cost about 2 billion dollars.