Silverdome Sold for $583,000....

**Bong-Man** · November-17-09, 12:45 PM

You seem to be forgetting some parking & advertising revenue. Also, Featherstone & Squirrel wasn't exactly hopping before the 'dome. There certainly wasn't as much spin-off business as opposed to a downtown location, but it was there.

**Grundyke** · November-17-09, 01:27 PM

I agree with iheartthed. Talking of demolishing the place is a moot point. It is not going to be demolished and his/her numbers are correct on the inflation. Any way you slice it, it was a great deal for this company even if it is used as a right off. There is so many possibilities just for weekend bullsh*t alone that will make this place profitable let alone just pay for itself. Some ideas are [[and not far fetched by the way) the soccer obviously, monster trucks, supercross, circus, any imaginable indoor show year round, concerts, outdoor flea market [[in summer), reopen the movie theater, autocross [[in the parking lot), full on indoor amusement park, just about anything you can think of. The city took it in the ass on this deal since the day they built it. Pontiac is broke with or without it. No residual business or income since it was built has carried the city, obviously.

**bailey** · November-17-09, 01:41 PM

Originally Posted by Grundyke

I agree with iheartthed. Talking of demolishing the place is a moot point. It is not going to be demolished and his/her numbers are correct on the inflation. Any way you slice it, it was a great deal for this company even if it is used as a right off. There is so many possibilities just for weekend bullsh*t alone that will make this place profitable let alone just pay for itself. Some ideas are [[and not far fetched by the way) the soccer obviously, monster trucks, supercross, circus, any imaginable indoor show year round, concerts, outdoor flea market [[in summer), reopen the movie theater, autocross [[in the parking lot), full on indoor amusement park, just about anything you can think of. The city took it in the ass on this deal since the day they built it. Pontiac is broke with or without it. No residual business or income since it was built has carried the city, obviously.

My question is if it is such an attractive "weekend bullsh*t" property, why has it been unused as such for so long? If it is such a no-brainer, why couldn't Pontiac find a management company to run the venue?

We'll be looking at an empty silver dome for at least 5 more years....then the roof will collapse because the buyer isn't paying the bills...then the urban spelunkers will start posting fun pictures from inside......then the emergency demo a few years later at taxpayer expense.

**Grundyke** · November-17-09, 02:22 PM

Originally Posted by bailey

My question is if it is such an attractive "weekend bullsh*t" property, why has it been unused as such for so long? If it is such a no-brainer, why couldn't Pontiac find a management company to run the venue?

We'll be looking at an empty silver dome for at least 5 more years....then the roof will collapse because the buyer isn't paying the bills...then the urban spelunkers will start posting fun pictures from inside......then the emergency demo a few years later at taxpayer expense.

Because the city did not want to run it or have someone run it for them, period. The monster truck folks would rather be there than in Detroit but the city did not want to host it for them. That show alone [[twice a year) would easily bring in 50-60 thousand people. More than they can get in Ford Field. And the show itself is better in the Dome. More people from the suburbs go to that show than people from Detroit so moving it was not really beneficial for them at all. More people equal more t-shirts sold and more gate money. The same could be said for the motorcycle events as well. The autocross people would love that huge parking lot for a fair price, which the city decided to rather take nothing than something in that case as well. Keep in mind also it is now going to be run by a private company that will be willing to deal with the bullsh*t weekend events to pay for the place and make a profit with it because they are not going to have to vote on any one thing they do with it like the city council has to do. Which by the way, what has the Pontiac city council done for the city of Pontiac? The same as the rest of the major city's around here, squat!

**christos** · November-17-09, 03:13 PM

Personally, I think a soccer team would be GREAT for the area- especially if they scale down the seating.

Just 'cause some of you don't like soccer, doesn't mean no one does- nor does it mean that soccer won't be successful here. When the US hosted the World Cup it sold out all of its games quickly [[which was a bit of an accomplishment for such a big stadium) and also sold a lot of MLS presale season tix when such an option was available.

dfunkycity · November-17-09, 03:30 PM

I would install brass poles all over the joint and a bar in the center with nude women dancing 24/7

drinks are $10 a pop

I'd make a mint

**gnome** · November-17-09, 03:30 PM

Most people don't remember, but Ferderal Judge Avern Cohn's wife sold the orginal property for the Silverdome. Not as the real estate agent, the owner of the land.

dfunkycity · November-17-09, 03:32 PM

pay for play baby, pay for play

**Grundyke** · November-17-09, 03:37 PM

Originally Posted by gnome

Most people don't remember, but Ferderal Judge Avern Cohn's wife sold the orginal property for the Silverdome. Not as the real estate agent, the owner of the land.

Correct, I did not know that. Of course I was born in 1975.

**jjaba** · November-17-09, 03:37 PM

Thanks for the Memories.
Pontiac Metropolitan Stadium, built: 1975. $55.7 Million.
Sold 11-16-09. $583,000 to Canadian company, at Auction..
80,311 seats. 127 acres of land. Cost of maintenance per yr. $1.5 million.

Hosted Detroit Lions, 1975-2001. hosted Detroit Pistons, 1978-88.
Hosted Michigan Panthers, USFL, 1983-84.
Motor City Bowls, 1997-2001.
MHSAA Football State Championships. 1976-2004.
1979 NBA All-Star Game.
Sold out World Cup Soccer Matches with MSU providing natural turf placed on top of Astroturf. [[MSU staff yelling "Green Side Up" at MSU students.)

NFL Superbowl XVI, 1-28-82.
1991 NCAA Midwest Regional Men's BB Tournament.
Michael Jackson concert, Aug. 1984.
Pope Paul II Mass.
Elvis Presley concert, 1-1-75.
Pink Floyd concerts, two shows, 7-15-94.

Largest crowd paid. 3-29-87. 93,173. Wrestlemania III.
Led Zeppelin concert. 4-30-77 76,229 paid.

1970s to 2004. Jehovah's Witness Conventions.

So tell us your memories?

jjaba remembers the NBA Finals, Pistons VS. Lakers. Even Kareem and Magic looked liked specks from jjaba's cheap seats. We still have the towels. Saw Jack Nicholson in parking lot getting into his limo at end of game.

jjaba.

**Danny** · November-17-09, 03:58 PM

Silverdome sold for half of million dollars. HAH The dome is worth more than that.

**gnome** · November-17-09, 04:42 PM

Wm Clay Ford didn't like playing in Tiger Stadium because the lower seats were a mile from the sidelines. The only good seat were in the upper deck along the right/center field. A WayneCounty Stadium Authority was formed in '69/'70 and they set to the task of building a new stadium. After looking at a number of sites, they decided to build the stadium on the riverfront, esentially where Cobo Hall and Arena now stand.

John Fetzer, then the owner of the Tigers committed to playing in the new Riverfront Stadium, but Roman Gribbs, Detroit's mayor dragged his heels and Bill Ford got tired of dealing with the mayor and the [[surprise) Common Council.

http://news.google.com/newspapers?id...uthority&hl=en

In Pontiac he found a bunch of patsies who wanted to build him a new place. By the end of 1971, it was a done deal.

http://news.google.com/newspapers?id...om-adams&hl=en

**jjaba** · November-17-09, 05:44 PM

Yes, that's $583,000 US Damn Dollars. The Canadians got a break. Salvage value on the concrete is worth more than that. 80,311 seats at $100 USD a pop. Do the math.
jjaba.

**davewindsor** · November-17-09, 06:40 PM

Originally Posted by GPCharles

As to the property tax bill, it was municipally owned, so presumably it doesn't currently pay property taxes and it won't until assessed. The clearest indication of its value is the auction price, so figure the taxes on $583,000. The big kicker for the new owner is the cost to maintain and operate. If the purchaser doesn't have or can't operationally fund those costs, the place could end up as more of an eyesore that it is now.

I've never seen tax assessors accept foreclosure, short sale and auction prices as an indicator of value of property for tax rolls. I would guess the tax assessment would be around $200 million. Pontiac is gonna be collecting a lot of taxes on it once it's off their books.

**1KielsonDrive** · November-17-09, 08:45 PM

Originally Posted by davewindsor

I've never seen tax assessors accept foreclosure, short sale and auction prices as an indicator of value of property for tax rolls. I would guess the tax assessment would be around $200 million. Pontiac is gonna be collecting a lot of taxes on it once it's off their books.

Dave, you got that right. I have a property that's fallen in value about 40% and it's not likely to sell for that meager amount in this economy. It's only worth it to me because I want it and love it. The taxes have only gone down about 20%, max. And that with a fight.

**gnome** · November-17-09, 08:54 PM

http://www.reuther.wayne.edu/files/UR001107.pdf

Here is a PDF from the Reuther Library of the Executive Summary of the entire Riverfront Stadium deal.

**DetroitZack** · November-17-09, 10:14 PM

Originally Posted by Dan

God, I hope they don't bring pro soccer.

Does anyone in Metro Detroit actually care about soccer?

I agree with the first statement and imo soccer sucks.

**Gannon** · November-17-09, 10:39 PM

I'd love to see those 2-car challenges on that closed-track...don't know what they call it. They could make it a semi-permanent thing, and let the rice-racers have their indoor drifting heaven. Outdoors with the cones...it could be a driver's heaven on the weekends.

As for any demolition costs...I'd bet there are a DOZEN Hollywood scripts being re-written for this limited possibility of blowing the whole damn place up. This kinda prop only comes along once in a while!

Cheers

**Lloyd** · November-18-09, 10:53 AM

Originally Posted by Searay215

And now I will now predict the score of almost ANY soccer game......1 to 0 How addicting can that be? Really?

All it really takes is an understanding of the game and an appreciation for the fact that the action never stops. The same folks that will call an 7-0 American Football game exciting don't seem to realize that this is actually.... 1-0. Speaking of American Football, how about the lack of action in the game? Think about it, they run a play that takes a very few seconds then, typically, they stand around for 30 seconds before they run another few second play..... Yawn. Anyway, the real bottom line here is - to each his own. What ever sport you like, well, it's all good.

**Danny** · November-18-09, 11:32 AM

What the Sliverdome needs is a new WNBA team. We should called it the Pontiac Frontiers.

**buildingsofdetroit** · November-18-09, 11:56 AM

Crain's is reporting that a judge has halted the sale over a lawsuit by some guy who wanted to race horsies inside.

**Grundyke** · November-18-09, 12:13 PM

And the saga does continue. Judge Sosnick blocked the sale and there should be a ruling on Monday. The guy interested in blocking it [[cannot remember the company name) offered 17 million a few years ago for a racino [[horse racing with slot machines in the building). The mayor I believe blocked the sale and the potential owner was apparently in the process of getting environmental tests done. He did not submit the $250,000 for the auction. So he will definatly have to pony up some money. I guess we can continue this next week.

**MrTuktoyaktuk** · November-19-09, 09:42 PM

Originally Posted by Dan

God, I hope they don't bring pro soccer.

Does anyone in Metro Detroit actually care about soccer?

Yes.

If you don't like it, don't watch it, just like the Lions.

**EastsideAl** · November-20-09, 12:32 AM

Originally Posted by gnome

After looking at a number of sites, they decided to build the stadium on the riverfront, essentially where Cobo Hall and Arena now stand.

I think it was actually west of there. Over where the riverfront apartments and the Free Press plant were eventually built. Cobo was already there, having opened in 1960.

In any event, I think the Lions wanted their own stadium where they wouldn't have to share revenues with the Tigers.

**EastsideAl** · November-20-09, 12:43 AM

Soccer has actually worked reasonably well in the U.S. in small soccer-only stadiums. For instance, the New York area team is set to move from Giants Stadium, where their crowds were swallowed up by the huge stands, to a new 25,000 seat stadium in Harrison, NJ. But the Silverdome, which was really too big for the NFL [[which is why Ford Field was built with fewer seats), would really have to be cut down a lot to be "right-sized" for soccer. That will probably cost quite a bit, but since they got an actual stadium and parking lot for the price of a nice house in most of the country, or a studio apartment in Manhattan, their entry cost is pretty damn low [[if the sale actually goes through, that is).