The Maricopa County Stadium District Board of Directors unanimously voted to sign a letter of intent with Stadium Real Estate Partners II, LLC in conjunction with The Integral Group of Atlanta to purchase Chase Field in downtown Phoenix. The minimum purchase price would be $60 million and current agreements would remain to keep the team at the stadium.
“A letter of intent shows our willingness to consider a possible sale,” said Chairman Clint Hickman, District 4. “This is a great starting point to find out what the stadium is worth and possibly put it in the hands of a developer who can make the improvements that keep the team at Chase Field beyond the original agreement.”
The board has remained open to finding a long-term solution for the stadium and the team. While not actively searching for a buyer, representatives of Stadium Real Estate Partners II made a proposal the board wants to explore. The letter of intent allows the county to choose the appraiser and the potential buyer to visit and inspect the property. They are planning a stadium and entertainment district for the area surrounding Chase Field which is on Jefferson between 4th and 7th Streets.
“The Diamondbacks have been great partners for nearly two decades but the county’s relationship with the team has been strained in recent years,” said Steve Chucri, District 2. “We believe a private partner will help the team achieve its vision and stay at Chase Field.”
The Diamondbacks as the facility manager will have to agree to any sale of the stadium. The potential buyer has indicated it hopes to make the team a long-term partner.
“Finding a way to keep the team downtown makes good economic sense for Phoenix and the entire county,” said Denny Barney, District 1. “I think we have hit on an ideal situation where a private company is willing to invest in the stadium and surrounding area, creating more jobs and tax revenue.”
“Owning a stadium was always outside of the county’s core business,” said Andy Kunasek, District 3. “But bringing Major League Baseball to the valley 20 years ago has been a good thing. We hope putting the stadium in private hands is the step that keeps a team playing here.”
The Maricopa County Stadium District has always had a suite at Chase Field that is donated to non-profit groups during the baseball season. The letter of intent signed by the potential buyer promises to continue this practice.
“I am happy this possible buyer would honor the original arrangement and let us keep giving back to our community,” said Steve Gallardo, District 5. “It is important to remind everyone this is the first step in this process. I’ve always been open to options that keep the team at Chase Field.”
Chase Field opened in the spring of 1998 as a multipurpose facility to house Arizona’s first Major League Baseball team, the Arizona Diamondbacks, and to host large events. The Ballpark covers approximately 1.3 million square feet and was the first major league stadium with a retractable roof over natural grass. In addition to baseball, Chase Field plays host to concerts, football games, motor sports, trade shows and other large scale events.