With construction costs on the rise, the Iowa Soccer Development Foundation is seeking more funding to back a proposed new Des Moines stadium for a USL Championship team.
We’ve already seen the stadium delayed to 2025 because of construction issues, so the ask for more money in the face of budget upgrades isn’t a surprise. A new 6,300-capacity new stadium would be the centerpiece of a 65-acre, $550-million development at the downtown Dico Superfund site, creating a community space featuring recreation, housing, commerce, and entertainment. The site would house a Global Plaza and Iowa’s first professional soccer stadium. Pro Iowa, the campaign seeking to bring professional soccer to Iowa, is working in partnership with Krause+, the real-estate development arm of Krause Group, on the project.
The reinvestment district would include 65 acres of total development set to activate sections of Raccoon River, serve as a connector for downtown, and create mixed-use neighborhoods. Krause+, along with Sherman Associates, would lead development of areas included within the reinvestment district.
When state funding for the project was approved by the state, the cost of the stadium was pegged at $75 million. But new cost estimates put the price tag closer to $95 million. That, as well as other increased costs, has create a funding gap for the project. Currently there are discussions between government bodies and Kyle Krause of Krause+ on possible paths to closing any gaps– but it doesn’t sound like the sides have a clear plan, per the Des Moines Register.
RELATED STORIES: New Des Moines USL team delayed to 2025; New Des Moines stadium effort boosted by county contribution; Downtown Des Moines stadium part of 65-acre, $535M development; New site for Des Moines stadium pitched; New Des Moines stadium delayed; Land Acquisition Moves Des Moines USL Stadium Forward; Des Moines USL Stadium Proposal Takes Step Forward; Des Moines USL Stadium Pitched as Anchor of Development; Potential Des Moines USL Championship Club Eyed for 2022 Launch