Westfield City Council approves agreement with tenants for Grand Park Sports Complex
The indoor facility at Grand Park Sports Complex has its anchor tenants awaiting the building to be completed. On Jan. 12, the Westfield City Council approved 10-year agreements to lease portions of the facility to Byrd Enterprises and Indiana Sports Properties.
“These two agreements provide a cash flow mechanism for debt service and operating costs,” Deputy Mayor Todd Burtron said. “The model is not unlike a retailer at a shopping mall.”
Combined, the tenants will pay more than $2 million annually. Burtron said that amount includes $250,000 of profit, which will be used within Grand Park for maintenance and upkeep costs.
“The capital building fund will make improvements as time goes on,” he said. “It’s not going to be a burden to the general tax field.”
Each agreement also includes revenue-sharing plans between the city and the tenant.
In the Byrd agreement, Westfield will earn 12 percent of revenue earned through the rented space, which includes a restaurant and a sports bar. With the ISP agreement, the city will receive a sliding share of any revenue beyond $100,000 starting in the fifth year of the lease. The scale is 10 percent between $100,000 and $250,000; 15 percent for $250,000 to $400,000; and 20 percent of $400,000 or more.
ISP will rent the “Fields and Flex Center” consisting of 295,650 square feet of fields and 53,468 square feet in two concourses for locker rooms and office space (92.41 percent of rentable space). ISP also will sublease approximately 3,780 square feet of office space (1.08 percent) to another group that has not been announced.
Byrd will rent the “Food Service” area on the mezzanine level, the “Lounge” on the second floor and the dedicated restrooms on the second floor – a total of approximately 17,040 square feet (4.51 percent of the building).
“There is 7,000 square feet in unobligated space available for rent,” Burtron said.
The 370,000-square-foot indoor facility will have three full-size professional soccer fields. The space can be used year round for recreational and competitive play for all field sports, as well as a destination for non-sport activities, such as conventions and special events. It will be located along 191st street and Grand Park Blvd at Grand Park.
“Grand Park Sports Complex will turn Grand Park into a magnet for year round play in the youth sports industry,” said Mayor Andy Cook. “In its first year of operations, Grand Park far exceeded our attendance goals, the indoor facility will attract even more teams and players and in turn expand Westfield’s industry, of travel youth sports. These agreements are with highly regarded companies in their respective fields, and that will only further our future success on a regional and a national level.”
The building is expected to open by Jan. 15, 2016.