The Dynamo have agreed to pay $76 million to build a professional soccer stadium in downtown Houston and then lease it from the city and county for $65,000 a year.
The board of the Harris County-Houston Sports Authority, a joint city-county agency that acts as a pro sports stadium landlord, unanimously approved the deal Thursday morning. While the Dynamo will pay most of the cost of construction, the city and county will own the stadium.
Thursday’s approval sets the stage for construction to begin as early as next month just across U.S. 59 from the George R. Brown Convention Center.
The deal still has to be approved by Houston City Council and Commissioners Court, but I expect both to happen this month. Looking through the archives, the first mention I can find of “Dynamo Stadium” is just over four years ago, shortly after they had settled on the team’s name. You can’t say we’ve rushed this, that’s for sure. Construction is projected to take about 16 months, meaning the stadium may be open in time for the 2012 MLS season. In addition to being the home of the Dynamo and TSU football, the new stadium will also be a live music venue.
The Dynamo’s owners, entertainment giant AEG Worldwide, will be looking to book musical acts into the 22,000-seat stadium.
The Dynamo has worked out a somewhat informal non-compete clause with the Toyota Center, but there’s no such agreement with the Cynthia Woods Mitchell Pavilion.
The Pavilion’s capacity is about 17,000; with field seats the new stadium could hold 25,000.
“We’re a larger venue…Our parent company is AEG, that’s their business, live entertainment and they do a lot of musical shows across the country,” Canetti said. ” So I suspect that we’ll be looking to do a handful of shows if not more in the new stadium.”
Canetti noted the Pavilion’s success. “I think they have a niche both in terms of where they’re located and the size of the venue and I think we’re going to provide something that’s just a little bit different for everybody.”
Sounds good to me.