“That’s how it’s always been done.”Texas’ visionary president, Greg Fenves, wasn’t interested in how things had been done. “I like that combination. journal/Facilities On behalf of our program, I want to thank the Moody Foundation and the Moody family for their unbelievable contribution that will make this all possible. We couldn’t be To the best of his knowledge, such a pioneering public-private finance model had never succeeded in the college space, maybe never even been attempted.“You go out, you raise the money and then you build it,” Del Conte said of the typical development process on campus. Longhorns step outside the box for new arena The Moody Center is expected to open in 2022.“The AUSTIN, Texas (KXAN) — The University of Texas at Austin’s new basketball arena and events center will be named Moody Center in honor of a $130 million grant to UT from the Moody Foundation, according to a press release from University of Texas athletics.The release says the grant is the largest, single gift from a foundation in the university’s history.A groundbreaking ceremony for the Moody Center will be held Dec. 3 at the site of the arena south of Mike A. Myers Stadium. Texas turns the tables on public-private partnerships, taps into unique arrangement to fund state-of-the-art $338 million arena at no cost to the university He wanted in.Del Conte said there wasn’t one particular turning point in the 10-month negotiation that ensued, just a steady progression from one stage to another. He’s responsible for making sure the project serves the Austin community and enhances the fan experience. with this prestigious university and this wonderful community. “But this new funding model … I just couldn’t wrap my head around what he was talking about.”So, when the university issued its request for qualifications and proposal last February, the Longhorns weren’t exactly sure what might come back.Meanwhile, Leiweke, working closely with his daughter, OVG President Francesca Bodie, saw an opportunity.
“We cannot thank the Moody family and the Moody Foundation enough for their historic gift to The University of Texas.”The arena will hold 10,000 seats “to provide an intimate, state-of-the-art men’s and women’s Longhorn basketball fan experience and feature student seating surrounding the court,” the release says. The four entities that make up ArenaCo combined have about a third of the equity in the project. “The Moody Foundation has a long history The new Texas arena, to open in 2021, will not cost the university a cent following an agreement with Oak View Group, C3 Presents, Live Nation and actor Matthew McConaughey, a Texas alum.The new Texas arena, to open in 2021, will not cost the university a cent following an agreement with Oak View Group, C3 Presents, Live Nation and actor Matthew McConaughey, a Texas alum.The new Texas arena, to open in 2021, will not cost the university a cent following an agreement with Oak View Group, C3 Presents, Live Nation and actor Matthew McConaughey, a Texas alum.Spearheaded by Austin’s vibrant music scene, ArenaCo — the group of private entities — plans to make the arena one of the top music venues in the country.Spearheaded by Austin’s vibrant music scene, ArenaCo — the group of private entities — plans to make the arena one of the top music venues in the country.Spearheaded by Austin’s vibrant music scene, ArenaCo — the group of private entities — plans to make the arena one of the top music venues in the country.The on-campus facility will feature a compact 10,000-seat space for basketball and have the ability to expand to 15,000 seats for concerts and other events.The on-campus facility will feature a compact 10,000-seat space for basketball and have the ability to expand to 15,000 seats for concerts and other events.The on-campus facility will feature a compact 10,000-seat space for basketball and have the ability to expand to 15,000 seats for concerts and other events. The new building will replace the 41-year-old Frank Erwin Center. Photo: gensler sports rendering. The new arena will have many more fan amenities and premium seats than the 41-year-old Erwin Center, so Del Conte made sure to keep the rights to floor seating, club seats, loge boxes and suites for Texas games.Texas also had to preserve static and rotational signage in the new building because Learfield IMG College owns the same marketing rights there as it does in the Erwin Center.“I went back to President Fenves and said, ‘This is actually going to work, my man. the world-class experience they deserve in the world-class city we call The other two-thirds of the money will be borrowed.OVG works personally with the lenders and does not use a third party, Leiweke said.“If you’re going to bet, you bet on a brand like the Longhorns, you bet on people like Chris and Greg, you bet on content, and you look at our track record,” Leiweke said. You might be on to something,’” Del Conte said. Chris Del Conte had been the University of Texas’ athletic director just a few months when he was tasked with building a new state … Ever since he started Los Angeles-based Oak View Group a little more than three years ago, he had searched for a facility strategy that would put the firm into college athletics.Texas had everything he was looking for — a vibrant, music-inspired urban marketplace, a Longhorns brand that’s perhaps the most valuable college brand in the country, and a deal predicated on booking concerts in a new arena and selling sponsorships, which fits right in OVG’s wheelhouse. © 1998 - 2020 Nexstar Broadcasting, Inc. | All Rights Reserved. Couldn’t it work the other way around, where a private entity paid to build an arena for a public university?Turns out that it can.
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