$700 million raised for GTA cricket stadium

3 years ago by in COMMERCIAL
$700 million raised for GTA cricket stadium
A Toronto entrepreneur has secured more than half a billion dollars in financing to build a cricket stadium in the Greater Toronto Area (GTA), which could establish a new professional league in North America.

“The intent of the stadium is to make it one of a kind in North America and to set the stage for larger and better facilities to be built throughout North America,” said Roy Singh, CEO and chairman of the Canadian Premier League T20.

“I want to expand this over the next three to five years throughout the U.S. In order to expand the league, we need to have facilities to play the games. Canada and the U.S. are the two locations we will be focusing on in the coming years.”

$700 million raised for GTA cricket stadium

The Canadian Premier League T20 announced recently $700 million in financing from a syndicate called Avcom Investments Inc. for the construction of a 35,000-seat covered cricket stadium.

WSP Canada/Architecture 49 produced a draft feasibility study and concept design in June for a proposed stadium in Toronto. It will be the first purposed-built covered cricket facility in the world with a natural grass surface and a fixed roof that will allow for maximum sun exposure.

$700 million raised for GTA cricket stadium

The roof form is a simple oculus shape, which means the oval or circular structure will have elements that resemble an eye. The shell will be simple and distinct from stadiums built for other sports.

The roof’s dome will be tilted to the sun and the roof trusses represent meridians and time zones of the earth. This design makes a strong reference to the global nations that will assemble in Toronto to play cricket.

$700 million raised for GTA cricket stadium

The large supporting structure will touch the ground at its four corners, which is also based on the idea that cricket playing nations will come from the four corners of the globe to play under the dome.

The main axes leading to the stadium’s entrances will be themed event spaces, with an Asian gateway, Caribbean gateway and the main international gateway decorated with flags of all cricket playing nations.

With financing secured, Singh is moving forward with the next phase of the project, which involves selecting a site and securing further investors.

“Now we are actually trying to secure the location to build the stadium, which will be in Markham, Brampton or Toronto,” said Singh.

“These are the three locations we are looking at right new. Toronto in general, Markham and Brampton have the population to support a 35,000-seat stadium. Markham is aggressively pursuing this to build the stadium there.”

League executives are examining several potential locations in Greater Toronto Area, which are large enough to accommodate the stadium and the required parking for about 10,000 cars and one to two hundred buses.

The conceptual site plan requires a location of about 150 acres to accommodate the stadium footprint, public spaces and circulation, parking and servicing requirements .

The next phase of the feasibility study will undertake a detailed analyses of site specific conditions, including a site survey and geotechnical investigation, municipal planning requirements and bylaws, available infrastructure — water, power, sewer, roads, public transportation and traffic control.

The stadium will comply with the Ontario building code and standards of the municipality where the stadium will be located. In addition, the stadium will be built to LEED Silver standards.

Singh said he still has to raise another $300 million for the construction of the stadium, which will be undertaken by PCL.

Twenty20 Cricket or T20 is a form of cricket introduced by the England and Wales Cricket Board a decade ago. It is a shorter form of cricket, which has gained popularity and spread around the world.

The league plans to launch its inaugural season next August and September with 10 teams playing a 45-game schedule along with three playoff games.

Each team will consist of eight Canadian professional cricket players plus three international players from Australia, England, India and the West Indies.

An economic impact study produced by the Canadian Sport Tourism Alliance in 2013 estimated the combined expenditures of visitors, event operations and capital investment from hosting the event will be about $77.9 million in the Ontario.

These expenditures generate a total of $145.2 million of economic activity in the province, with $106 million in Toronto.

The event will also create a total of 609 jobs in Toronto and an additional 155 jobs in the rest of the province, which will pay a total of $35.8 million in wages and salaries in Ontario.

Source : http://www.dailycommercialnews.com/Projects/News/2014/7/700-million-raised-for-GTA-cricket-stadium-1000512W/

$700 million raised for GTA cricket stadium

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