Williams & Williams, the premier brand in real estate auction, on behalf of
the City of Pontiac, Mich., announced Monday that the auction for the Pontiac
Silverdome was won by a family-owned real estate company based in Toronto,
Canada with a high bid of $583,000. The winning bidder plans to refurbish the stadium and utilize it for
men’s Major League Soccer and women’s professional soccer teams. The successful bidder’s name is not
being released until final details are worked out and the sale closes.
Fred Leeb, the emergency financial manager for the City of
Pontiac stated a number of reasons why he deemed the auction a success.
* We recognized the problem and made the tough decision to
base the sale on reality rather than dreams of higher sale prices and procrastination.
* The Silverdome will now be in the hands of professionals who
can devote their time to transform this high-profile property into a vital
asset instead of enabling it to continue to languish as an empty facility. Any improvements will be for the
benefit of Pontiac because the property, of course, will stay in Pontiac, the
property isn’t moving anywhere.
* The ongoing maintenance cost of $1.5 million a year will be
eliminated and the property will go back on the tax rolls.
* The City staff will go back to working on our extremely
successful union negotiations, cost reduction efforts, revenue improvements and
other positive aspects of our turnaround that is already underway.
* Pontiac will become more prominent as a great place for new
business due to its favorable business climate and the host of tax incentive
programs that are available in very few cities in the entire country.”
“This future-focused investment is good news for the City of
Pontiac and is an exciting step forward for the community, city and state,”
Leeb said. “It was our goal to sell the Silverdome by the end of the year
and relieve the city of its annual financial burden of $1.5 million to maintain
the Dome. Williams & Williams
did an amazing job marketing and attracting global buyer interest in this
property. We couldn’t have
asked for a better partner in this effort.
"Williams & Williams designed and executed a worldwide,
multi-media advertising and publicity campaign that attracted interest from 84
countries and generated over 150 inquiries from potential buyers. We knew that it was going to be very
tough so we reached out globally to find a creative buyer group that probably
would have to look beyond the typical entertainment venue, apartment complex,
or shopping center concepts."
“We
feel very fortunate to have had the opportunity to find a new steward for the
Silverdome on behalf of the City of Pontiac and the State of Michigan," said Dean Williams, chairman and CEO of Williams & Williams. "There was interest from around
the world in this property and, of all of the possible outcomes and uses, we
are pleased the Dome will build on its past and be revitalized as a major
sports venue. ”
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