Jim Irwin
The master developer of the stadium project on the Southside told County Commission members on Wednesday that the projected cost for the stadium should be known in about 6-7 weeks.
Jim Irwin said the schematic drawings are due to be complete on Aug. 2.
He said the local EMJ Corporation will then begin compiling projected expenditures.
The stadium, that will be the home of the Chattanooga Lookouts, was earlier projected to cost around $80 million.
Asked if revenue from development around the stadium would cover the cost of bonds issued to build it, the Atlanta developer said, "Oh, my gosh, absolutely."
He said $350 million in development was needed to cover the bonds, but he expects the full build out could be as high as $1 billion.
Mr. Irwin said a number of businesses are in touch with him about locating there. He said Core Development is about to start some development on the property that has long lain dormant.
Mr. Irwin also said that documents for rezoning the entire 120-acre former foundry site have been turned over to the Planning Agency.
Commissioner Joe Graham said of the project, "A lot of people (on the Southside) are very excited about it. It is creating such a frenzy that property values are on fire.