Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBB/CMAR
# of Projects: 1
100% of the Results

Background informationProject Created: November 20, 2018

Project Name: Worcester Red Sox Polar Stadium
Year in Operation: 2021
Sector: Buildings
Subsector: Sports Venue
Status: Design / Construction
Type: New Facility
Description: New 10,000-seat baseball park in Worcester MA to become the new home of the Boston Red Sox' AAA team (40 miles west of Boston). The project includes the development of the stadium along with the private development of roughly 18 acres near the Kelley Square area of Worcester. The City will own and construct the ballpark. The Red Sox' AAA ball club will lease the ballpark for an initial term of 30 years as the exclusive tenant. The Worcester Red Sox will be responsible for all expenses associated with its operations. The team will have two options to extend the term of the lease by five years.
Delivery Method as described in the country where it's located: Construction Manager at Risk
Is the project still active: No
Comments:

Project Locations

Address: 17 Gold Street
City: Worcester
State: Massachusetts
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s)
Checkbox Checked Environmental Clearance: By the City

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: The estimated cost of the stadium itself is estimated at $86 to $90 million. The City is looking to borrow $100.8 million for the stadium portion of the project, which will also cover land acquisition and other related costs.

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt

Checkbox Checked

From Producers as Equity: The Worcester Red Sox will contribute $6 million in an equity contribution. The balance of the team's financial contribution to the ballpark ($27.8 million) will be paid through ballpark rent.

Project Delivery & Finance Method

Project Delivery:
Design Bid Build/Construction Management at Risk (All Public Finance). Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner then separately contracts with another party, who operates and maintains the facility.
Construction Manager At Risk Variants: Public Sponsor contracts with Construction Manager At Risk while design is in process.

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals
Design
X
Construction Manager at Risk
X
X

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Initial Design and Construction
3
0
Forms
Description
Mandatory Statutory Form
In combination with AIA format for design services - such as conceptual design, schematic design, design development, and construction drawings. The CM-At-Risk is to be involved throughout the design process, along with Skanska USA Building Inc., who has been selected as the City's project manager. 

Project Value (If and As Known)

Date of Estimated Project Value: October 12, 2018
Project Value
Hard Cost
Hard & Soft Costs
Design
< $10 Million US
< $10 Million US
Construction
< $100 Million US
< $100 Million US
Total
$200-500 Million US
$200-500 Million US

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