If You Finance It, Will They Come?
Argianas & Associates Pinch-Hit to Provide a Valuation for America's Favorite Pastime
It’s always a sure sign of summer when pitchers and hitters return to the baseball field. For one newly constructed baseball stadium, it felt more like the bottom of the ninth with the game tied and only one strike left. They needed financing and if unable to secure it in time, they were not going to be able to open for the season. Argianas & Associates was hired as the pinch hitter ready to help answer the question… If you finance it, will they come?
Attempting to provide a valuation report for a baseball stadium located in a growing community brought many challenges. There are few sales of baseball stadiums, but they can and do sell.
“The Argianas team relied on past experience with other, somewhat similar special use properties,” explained Argianas & Associates Founder Charles Argianas. “That gave us a solid foundation. We were then challenged to identify issues related specifically to this property type.”
Argianas & Associates knocked this project out of the park with a four-pronged strategy:
1. Conducted a regional analysis to identify economic, demographic and physical property considerations.
2. Prepared a Cost Approach in recognizing the contributory value of the land, structures and improvements.
3. Analyzed demand at competitive sports facilities.
4. Studied financial feasibility and productivity considerations in analyzing the property’s highest and best use.
The Argianas’ All-Star team provided services that were USPAP (Uniform Standards of Professional Appraisal Practice) compliant and were delivered in time for the stadium to be successfully refinanced for the opening pitch!
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