A proposed arena for Port St. Lucie doesn’t seem to have much of a business plan behind it — or a realistic price tag.Two enthusiasts are proposing a 7,000-seat arena for Port St. Lucie on Florida’s Treasure Coast — but so far their proposal is lacking a few things, like a realistic price tag and business plan.
Joe Zobay and Fred Cook want to see minor-league hockey as well as public skating and concerts at a new facility, which they estimate will cost $10 million or so. How they plan on funding the arena: free land from the city, with stock sold to investors with deep pockets.
Ah, but the folks with deep pockets got those deep pockets filled by choosing projects providing a decent return on investment. The idea you could build a new 7,000-seat arena for $10 million is somewhat absurd, even if there are motivated contractors looking for work in the bad economy. The real price tag is way closer to $50 million.
And local officials seem to agree. Yes, a new arena would be nice, they say, but don’t look to us for anything.