Mandalay Baseball Properties

Evansville,

Mixed-Use (Ballpark, Retail, Hotel, Office) Development Feasibility Study

Mandalay Baseball Properties, American General Finance, and Casino Aztar selected B&D—in coordination with Julien J. Studley—in 2003 to determine the feasibility of a mixed-use development in downtown Evansville, Indiana. The project was defined to include a new headquarters for American General Finance, a hotel and destination entertainment for Casino Aztar, a ballpark for Mandalay Sports Entertainment, and a mix of retail and residential uses to be developed by a private entity. The B&D team was tasked with coordinating the process of defining a feasible project concept, and securing incentives from the government of the City of Evansville. Our scope of work included identifying available public financing mechanisms, creating development site plans and building programs, projecting operations for each of the project components, quantifying the fiscal impacts, and identifying a comprehensive financial plan and ownership structure. Ultimately, a self-supporting financial plan was created that—with a combination of private equity investment and the application of public financing mechanisms–avoided the need for public participation. The associated site plan would create a vibrant downtown neighborhood, respond to the city’s master plan, and complement existing economic development efforts. The $108 million concept included a 5,000-seat ballpark, 200 residential units, a hotel and restaurant, a conference center, 120,000 square feet of retail space, and expanded office space.