In March 2016, one of the strategic goals approved by City Council was to create a downtown catalyst project that produces:
500 private sector jobs
15-20 new restaurants and shops
250 additional residential housing units
A centralized gathering space
Tax Base Decline
Since 2008, the city's commercial tax base in the area of the stadium has lost $250 million in value. The stadium will spur growth in restaurant, retail and residential properties in the surrounding area which will expand the tax base.
The proposed site is 11.5 acres between Elm Street, Lindsay Street, Gatewood Avenue and English Road. Five acres of the site will be the City-owned stadium, and six-and-a-half acres will be private development including a park, event center and children's museum and education cinema.
The Multi-Use Stadium
3,800 fixed seats and 1,200 other seats
Majority tenant will be an Atlantic League baseball team, which will play 70 home games per year
Will have flexibility to also host soccer, football and lacrosse as well as other events such as concerts and banquets.
Construction cost will be about $36.1 million
Naming rights funds
Team lease of the stadium
Taxes from new development in surrounding area
Limited obligations bonds, approved by the N.C. Local Government Commission on December 5, 2017
Funds from the High Point Convention & Visitors Bureau
Surrounding Area Development
City control of land
Master developer will facilitate the growth by collaborating with other developers to oversee the projects
200+ new residential units
120,000 square feet of restaurants and retail
As well as Dr. Nido Qubein's $50 million commitment for team ownership, corporate naming rights, park, event center and children's museum and educational cinema
All in all, this catalyst project and surrounding development will lead to 200,000 people coming to downtown High Point for games and events year-round — in addition to Furniture Market.