Silverdome sale price disappoints

[AllentownJake]

Pontiac -- Nearly 35 years after taxpayers spent $55.7 million building the Pontiac Silverdome and a year after a $20 million sale fell through, city officials have sold the arena once called the most desirable property in Oakland County.

The price: $583,000.

"This was a giveaway," said David J. Leitch, a broker with an Auburn Hills based realty firm.

"The property alone, at $10,000 an acre, should have gone for more than that. And you have the Silverdome, its contents, and the infrastructure already in place. I had estimated it would probably go for between $1.2 million and $3 million. I can't believe it."

Such sentiments weren't uncommon Monday, after city officials unsealed bids showing the property that was home to the Detroit Lions was sold at auction to an unnamed Canadian company that plans to bring a soccer league to the stadium. The company's name will be released when the sale is finalized within 45 days, said Fred Leeb, the city's emergency financial manager. Leeb acknowledged the sale "is not a windfall," but said the Silverdome's $1.5 million upkeep drained the beleaguered city's finances.

http://detnews.com/article/20091117/METRO/911170327/1409/METRO/Silverdome-sale-price-disappoints

[taterguy]

1. Should have never been built in the first place

[AllentownJake]

2. You have to question these public/private financed Stadium deals

It doesn't seem the municipality makes out on the.

[taterguy]

4. Pontiac is a smallish city paying for a giant arena

The plan was to have the Pistons use it but they moved to Auburn Hills.

It was a drain on the city when I was visiting the area 20 years ago.

I'm sure it's only gotten much much worse.

[JVS]

3. I would have taken it at that price just so I could rename it "The Terrordome" and invite ...

Public Enemy to play concerts there.

[Oregone]

5. Seems like this could of been a useful public service building

Not sure why such an expense wouldn't be justified for public good.

[taterguy]

6. Probably because modifying it for that purpose wouldn't be economically reasonable

It was designed for football and basketball games.

It's a ginormous building.

I'm sure there are all sorts of architectural and engineering considerations.

Along with the fact that Pontiac might not need such a facility.