Economy Slows Goodyear Development

An article from the Zanesville Times-Reporter details how the economic downturn has stalled development around the new spring training facilities for the Reds and Indians in Goodyear, Arizona.  I don’t claim to know much about our national economy, but it doesn’t look good.

Extra expenses could include $3.6 million to complete the art, retail and plaza space at the ballpark where the Cleveland Indians and Cincinnati Reds will play, plus $2.5 million a year for municipal services in the Sonoran Valley, a 67-square-mile area the city annexed last year.

Meanwhile, Goodyear’s stadium retail development is in limbo.
A family sold a portion of their land to Goodyear for its ballpark and was supposed to develop attached retail space, a plaza area and an art project at the site.
But the family’s companies filed for Chapter 11 bankruptcy protection in August.

Bankruptcy? Yikes.  The “retail development” is always the big kicker to any stadium deal but in reality new stadiums don’t have the impact on communities that teams claim that they have.  We’ve been hearing about development in Cincinnati near GABP for years but it hasn’t come to fruition.

It isn’t really the Reds’ fault or city’s fault for this, but it will hurt revenue that the city hoped to get from taxes on new buisnesses locating near the ballpark that would service the fans.  Hopefully by the time 2010 rolls around the economy will be back and development can resume by the time Reds fans arrive in Arizona.

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