City of Holyoke, MA / Mandalay Sports Entertainment

Holyoke,

Ballpark And Neighborhood Development Plan

In 2005 B&D was retained by Mandalay Sports Entertainment and officials of the City of Holyoke, Massachusetts to create and implement a mixed-use development plan anchored by a Double A baseball park. Our research identified a development opportunity and financing strategy for a $110 million project that would include a $31 million baseball park and $78 million in private development. The site included 41 acres on the south side of Holyoke. The program included a 6,500-seat baseball park and a mix of hotel, residential, and commercial uses. The unique financing plan used several equity and debt sources to minimize the city’s exposure. To finance the project, Mandalay—as owners of the baseball park—would contribute equity and an annual lease payment; the private sector would ground rent or purchase the private development properties; and District Improvement Financing would be used to recapture incremental property taxes. Together these revenue streams would generate resources sufficient to support the development and financing of the baseball park.