There are now some price tags attached to the renovation of Turner Field and surrounding development, as Georgia State University draw close to a key vote.
Georgia State has been planning to enter a partnership that would include the purchase of Turner Field, former home of MLB’s Atlanta Braves. As part of the agreement, the university would convert the facility into a football stadium while working with partners to develop the surrounding area.
Right now Georgia State University’s share of the project is expected to come in at $52.8 million, but $5.1 million of that total would come from athletic department funds and donations. The bulk of the outsanding balance would be accounted for by various university funds.
With a key vote by the board of regents scheduled for Wednesday, key funding details, including cost breakdowns, are becoming available. More from the Atlanta-Journal Constitution:
Most of the money — $26 million — would go towards stadium renovations to remake Turner Field into a 22,000-seat stadium, according to Board of Regents records. That work, which would take place in two phases, would include a new field, covering upper deck seating, reorienting lower bowl seating and upgrading locker rooms and other areas.
Another $22.8 million would be used to purchase the stadium and surrounding parking lots.
The balance of the land slated to become part of the development would be bought or leased by Carter Development, one of the private real estate developers participating in the redevelopment project.
Another $4 million would be used to renovate space at the stadium for Georgia State’s hospitality school, which would relocate to the stadium. Any money remaining from that $4 million would be used to renovate office space for the school’s athletics department.
Carter and Oakwood Developments are the university’s main private partners on the plan. The sale is expected to close at the end of this year, which could allow the Georgia State Panthers to play the 2017 season at the facility. Georgia State officials have expressed a desire to follow through with that plan, even if all of the renovations cannot be completed by next fall.