16 Feb Velodrome Progress Report
Thanks to new partnerships and viable sites, the National Velodrome Sports and Events Center is getting closer to bringing World Class indoor track cycling to the East Coast.
A realignment of multi-sports and entertainment activities, financial analysis and in-depth market research provided by Sports Facilities Advisory has breathed new life into the World Cycling League project.
“Since we announced our partnership with SFA last Fall, we have been able to create a dynamic presentation, backed up by their proven experience in creating and financing multi-use sports complexes around the country,” said WCL’s CEO, Dave Chauner. “SFA has determined that a world class indoor velodrome and WCL’s cycling programming accounts for about 40%-50% of the operational bottom line of the ideal facility. The rest is generated by other sports and entertainment events, retail, and family entertainment and adventure space that is currently included in many of the new facilities SFA develops and manages.”
The concept resonates with communities in the Greater Philadelphia area where new construction is booming and there is a need for more suburban entertainment and sports facilities. It helps that cycling in the region is growing, thanks in large part, to an aggressive public campaign to create more bike paths and events that cater to the region’s estimated 1 million cycling enthusiasts.
There are currently three suburban sites under consideration, one each in Chester, Delaware and Montgomery County. Two of the three sites are in Qualified Opportunity Zones, federally designated areas targeted for redevelopment that provide tax benefits to wealthy investors. A second effort is also being launched in New Haven, led by Rick Mayer, WCL’s CFO and principal investor.
“If this were easy, there would be indoor velodromes springing up around the country,” said Mayer. “But we’re in for the long haul and are meeting with the right people in great locations that will assure our success.”
In addition to Sports Facilities Advisory, WCL’s team of experts includes Stephen Whisnant, president of the Velodrome Development Foundation; Andrew Kline, Founder and Managing Director of Park Lane; Eric Shipon, Senior Executive of Entercom Communications, Philadelphia, and others.
World Cycling League expects to announce its final site selection in the Philadelphia area within the next sixty to ninety days.