BUFFALO, N.Y. (WBEN) - With negotiations underway for a new stadium for the Buffalo Bills, we got some perspective on stadium costs from a nationally recognized sports business editor.
"The going rate for a new stadium today is 1.5 to 2 billion dollars," said Don Muret with VenuesNow, out of Charlotte.
"The last NFL stadium that was paid for with 100% public money was Raymond James Stadium, home of the Tampa Bay Buccaneers." It opened in 1998 at a cost of about 170 million dollars.
Since then, for the eight to ten stadiums that have opened, it's been a combination of public and private partnership, or in a few cases, new stadiums have been 100% privately funded.
SoFi Stadium in Los Angeles, for example, is a two team building for the Rams and the Chargers. It was built at a cost that exceeded five billion dollars. "That's a unique circumstance," said Muret. "The stadium is part of a 300 acre mixed use development. There were a lot of contingencies. They had to build it 100 feet into the ground because it falls under a flight path at LAX."
U.S. Bank Stadium in Minneapolis is often brought up as a fair comparison to Buffalo. The twin cities are considered a smaller market and cold weather climate. It opened in 2016. "That's a good comparison," said Muret. "That split (public, private) was almost 50%. The team kept upping its contribution as the development progressed. I think ultimately the owners put in about 550 million.
There is a fixed roof on U.S. Bank Stadium. It was built on the former site of the Hubert H. Humphrey Metrodome. Muret says if Buffalo wants to hold other events at a new stadium, it would almost certainly have to have a roof
to make it viable. "That's something the team is going to have to figure out as they negotiate," said Muret.
The trend, recently, is to attach sports facilities to mixed use development. "That way," Muret said, "you're turning it into more of a year-round business, such as retail, bars, restaurants, hotel. That's how a lot of teams are making projects palatable."
ESPN reported over the weekend that Austin, Texas could be a potential city the Bills would consider moving to if they do not get a new stadium in New York. Muret doubts that would happen with Jerry Jones in the state.
"I have a hard time thinking that Jones would allow the Bills to move to Austin. He's got to protect his territory." The Dallas Cowboys co-own Legends which is the firm selected by the Bills to develop and market a new stadium
in Buffalo.
"It's a starting point," said Muret in terms of sitting down at the bargaining table and hammering out a deal.
When it comes to building a new stadium, talk is centered on a site adjacent to where the Bills currently play. "That's goes against the norm" added Muret. "The trend now is to build downtown, where there's critical mass. But there are exceptions, such as in New England with the Patriots at Gillette Stadium outside Boston in Foxboro. For the most part the trend is to build downtown."