City of Winchester

Winchester,

Minor League Ballpark Market Analysis And Financial Analysis

In 2011 the Winchester Economic Development Authority selected B&D to conduct a preliminary market analysis and financial analysis. The city had executed a letter of intent with the Harrisburg Suns, a Low Class A Minor League Baseball affiliate of the Washington Nationals, to investigate the feasibility of relocating the team to Winchester. We were tasked with analyzing market conditions, reviewing comparable ballpark leases, and a developing a preliminary estimate of the project concept’s likely financial performance. Examining various drive times from the proposed project site, we conducted a demographic analysis to evaluate Winchester’s population, market characteristics, and economic indicators, including patterns of future growth and change. Comparable data was collected and analyzed for six Low Class A markets most closely resembling Winchester’s. In addition, we modeled the team’s proposed lease terms, created scenarios with various lease-term options, and analyzed potential options to help fund the project, including TIF and redirecting direct ballpark tax revenues. Ultimately, we projected that a least one development scenario existed where a new ballpark in Winchester was feasible. Initial budget estimates ranged from $16 million to $17 million for a new 3,750-seat ballpark.