New Nissan Stadium
The 60,000-seat stadium is projected to cost $2.1 billion, $1.26 billion of which is subsidized by the public. It is by far the largest stadium subsidy in U.S. history.
It is to be built adjacent to Nissan Stadium, which will be demolished following the completion of the new stadium. The stadium will be designed by Manica Architecture who previously designed Allegiant Stadium, NRG Stadium and Wembley Stadium.
History
Background
Nissan Stadium, an open-air concrete-and-steel stadium which seats 69,000, has served as the home venue for the Tennessee Titans since its opening in 1999. The city hired an independent group, Venue Solutions Group (VSG), to conduct a thorough assessment of the current stadium’s condition and the cost of maintaining it for the remainder of the lease, which ends in 2039. VSG outlined a preliminary report showing it would cost the city between $1.75 and 1.95 billion to renovate Nissan Stadium as a "first class condition" facility.
Planning and construction
The $2.1 billion needed to fund the new stadium will come from a variety of sources:
- $840 million from the team
- $500 million from the state of Tennessee
- $760 million from revenue bonds issued by the Metro Sports Authority to be repaid via personal-seat license sales and taxes collected at the stadium and additional money from a new 1% hotel/motel tax.
The 1.7-million-square-foot proposed stadium would be a dome, have a seating capacity of 55,000-60,000, have approximately 170 luxury suites and an artificial turf field. The Titans would sign a 30-year lease to play in the stadium.
The financing program was confirmed by a 26-11 vote on April 25, 2023. Construction began in 2024 and opening day set for 2027.
The route of the IndyCar Series Music City Grand Prix was originally planned to be changed during the new stadium's construction period. However, on February 14, 2024, it was announced that the race would be moved to nearby Nashville Superspeedway.
References
- ^ "Titans Select Tennessee Builders Alliance to Oversee Construction of New Stadium". www.tennesseetitans.com. August 17, 2023. Retrieved August 18, 2023.
- ^ "Tennessee Titans, Nashville mayor unveil details of $2.1B stadium deal". Retrieved October 17, 2022.
- ^ Davenport, Turron (October 17, 2022). "Report: Titans, Nashville reach deal for domed, $2.2B stadium". ESPN. Retrieved October 17, 2022.
- ^ Kaplan, Daniel (2023). "Nashville on cusp of raising the public subsidies bar with new Titans stadium". The Athletic.
- ^ "Titans announce details of agreement for new $2.1 billion stadium". Retrieved October 17, 2022.
- ^ "Titans' new stadium proposal: Who's paying for it". Retrieved October 17, 2022.
- ^ "New Tennessee Titans stadium proposal design concepts". Retrieved October 17, 2022.
- ^ "Metro Council approves funding plan for new Titans stadium". Retrieved April 26, 2023.
- ^ Pruett, Marshall. "Nashville GP planning to continue beyond 2023 with a new layout". Retrieved April 26, 2023.
- ^ "IndyCar Music City Grand Prix moving from downtown to Nashville Superspeedway". The Tennessean. Retrieved February 15, 2024.
