Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 09.17.2014
    Morgan Housel analyzes the best way to think about trends, what Scotland’s independence means for investors and what to do in DC.
  • MarketFoolery: 09.16.2014
    On today’s show the guys try to figure out what the future may hold for sears, what Microsoft plans to do with Minecraft, and which fall beer is the best.
  • MarketFoolery: 09.15.2014
    We dig into the Fool Mailbag to answer listener questions about GoPro, Vail Resorts and how to balance “buy & hold” with an opportunistic cash balance.  
Capital Business
Posted at 12:15 PM ET, 10/01/2012

Minor league baseball stadium headed to One Loudoun development in Ashburn


The owners of the Loudoun Hounds minor league baseball team have landed a deal to build a new stadium at One Loudoun, a 358-acre master planned community near the intersection of Route 7 and the Loudoun County Parkway in Ashburn.

The team’s owners, VIP Sports & Entertainment, are also close to securing the rights to a professional soccer team in the North American Soccer League, a step below Major League Soccer, and could host both baseball and soccer games at the new stadium.

VIP had been in discussions about building a stadium at a different Loudoun County development, Kincora Village Center, at the intersection of Routes 7 and 28, across from Dulles Town Center.

Bob Farren, president and chief executive of VIP, issued a statement Monday saying that for more than a decade the company “has been focused on bringing professional baseball to Loudoun – and by shifting the location to One Loudoun, we have found the path that leads to a first pitch in 2014.”

“While we wish our friends at Kincora the very best in their endeavors, the One Loudoun project is ready today for our Ballpark and will be a great home and partner to VIP,” he added.

The new stadium will have capacity for 10,000 fans including 5,500 fixed seats, and will be entirely privately financed. In addition to at least 72 baseball games annually, the owners plan to host community events, concerts and festivals.

At One Loudoun, it will be built as part of a mixed-use town center project billing itself as “Loudoun County’s New Downtown.” After an initial groundbreaking in 2007, the project went on hold during the financial crisis but was rekindled last year when Sekisui House Ltd., a Japanese firm that is perhaps the world’s largest homebuilder, bought a majority stake in the project.

Sekisui House Ltd. is partners with the original developer, Miller & Smith, and the two began work again in July. The first phase includes 210,000 square feet of retail, including an Alamo Drafthouse Cinema. It could ultimately include 1,040 homes.

“We are thrilled to have reached an agreement with the Loudoun Hounds. One Loudoun is the ideal location for this sports and entertainment venue and we are proud to be working with Bob Farren to make his vision for a new ballpark in Loudoun County a reality,” said Bill May, Miller & Smith vice president, in a press release.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  12:15 PM ET, 10/01/2012

Tags:  Loudoun Hounds, minor league baseball, Ashburn, Loudoun County, VIP Sports & Entertainment, Major League Soccer, commercial real estate, Kincora Village Center, Bob Farren, Miller & Smith, Sekisui House, commercial real estate

 
Read what others are saying
     

    © 2011 The Washington Post Company