Developer of $700M Philadelphia casino project sets 2-year construction timeline
- During a Nov. 28 presentation to the Pennsylvania Gaming Board, developer Stadium Casino LLC, now under the ownership of The Cordish Cos., outlined a plan that could see the $700 million Live! Hotel and Casino in Philadelphia open for business before the end of 2020.
- Stadium Casino went before the board in a successful bid to win a two-year extension of time to begin slot machine operations at the development. In the process, the company offered up construction details including a detailed schedule, drawn up by Gilbane Building Co., that identifies an estimated permitting date demolition sometime next month, with construction to start next year and substantial completion achieved by Dec. 20, 2020.
- The project, which had an initial budget of $450 million and was supposed to start construction this year, would have preserved an existing Holiday Inn, but now it will feature a new luxury hotel, possibly with views of Citizens Bank Park next door, a redesign that contributed to a slight extension of the timeline. The Holiday Inn will be demolished, according to The Inquirer, after cell phone antennas on its rooftop are relocated. Also reportedly contributing to the delay was a rift between Cordish and Greenwood Gaming & Entertainment, which Cordish bought out of Stadium Casino in order to gain control of the gaming company.
Like other Cordish Live! projects, the Philadelphia development will be located near major sports venues, just as Texas Live! is next to the Texas Rangers new home at Globe Life Park in Arlington, Texas. The $250 million entertainment district is also a short distance from the Dallas Cowboys' AT&T Stadium and the Texas Rangers' ballpark at Globe Life Field. Texas Live!, which is open for business, will feature a total of 200,000 square feet of restaurants, retail and entertainment space, a Live! by Loews hotel and a 5,000-person event space.
Another Cordish development is Midwest Live!, located in St. Louis, Missouri, at the company's Ballpark Village development next to Busch Stadium, home to the MLB St. Louis Cardinals.
Cordish is also planning a massive development in Jacksonville, Florida, in partnership with the NFL's Jacksonville Jaguars. Although still in the planning stages, the plan is to build a $2.5 billion mixed-use district along the St. Johns River between the river and the Jaguars' stadium. The 4-million-square-foot-plus development will feature hotel, convention, and residential, retail, entertainment and office space, but could take about 30 years to build out.
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