While many struggle with the virus’ impact on schools and businesses, COVID-19 has put a crush on the leisure and sports industries in particular. One entity impacted is Legacy Sports Arena and Hotel, which began construction last year at 2727 W. Bronco Butte Trail, near I-17 and Dove Valley Road.
With construction half completed, the lending community pulled back in March of 2020 leaving the owners with a half-completed project that was scheduled to open in fall of 2020. Construction was halted April 1 when the owners realized they would have to pay for completed construction and in-progress work with more of their own money while looking for a new lender.
“I would have never thought it would be so difficult to attract a loan when you already have 50 percent equity in the project,” stated Rob Eaton, managing general partner. “While most every lender loves the project, they would not lend on sports and leisure in the virus climate with mandated restrictions and the uncertainty of a timeline to normalcy.”
“With the new $11 billion TSMC electronic chip plant beginning construction within a mile of the property in 2021, interest has picked up in the hotel with construction companies wanting to place room contracts for their highly specialized workers that will be flying in from around the country,” Eaton added. We could easily fill our hotel to capacity in the next several years if completed.”
Eaton said only seven months of construction remain to complete the arena and hotel once a loan or investor is found.
“Our goal right now is to find a combination of investor(s)/loan to complete the project and open by fall of 2021. With vaccines becoming available for everyone who wants one by summertime, we are hoping to see the lending community take more of an interest.”
Potential investors/lenders can reach Eaton at 480.698.0144. Learn more about the project at legacyarena.org.