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Joel Purchase?

At $9m I don't see how we can't buy it. The land has got to be worth $4-5m and letting it fall into someone else's hands would be risky wrt parking.
 
I probably am overlooking the parking point. I just think it'd be impossible for Wake to run the Joel profitably. We don't need a $1mm a year loss on our AD's books.
 
TuffaloDeac10 said:
I probably am overlooking the parking point. I just think it'd be impossible for Wake to run the Joel profitably. We don't need a $1mm a year loss on our AD's books.
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The current situation isn't the situation of the future though.

The question is really whether it's better for us to own the Joel or to lease it from someone else at a high rate. The status quo is not an option.
 
I know nothing about the practicalities of building an on-campus arena, but how much would that cost, approximately? (Never mind the where to put it issue.)
 
TuffaloDeac10 said:
I probably am overlooking the parking point. I just think it'd be impossible for Wake to run the Joel profitably. We don't need a $1mm a year loss on our AD's books.
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We already have at least a $1 million a year loss unless Bzz turns it around. Someone had to say it.
 
IrishSlim said:
I know nothing about the practicalities of building an on-campus arena, but how much would that cost, approximately? (Never mind the where to put it issue.)
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Thread on the scout board has it at around 40-60 million for a 10,000 seat arena.
 
IrishSlim said:
I know nothing about the practicalities of building an on-campus arena, but how much would that cost, approximately? (Never mind the where to put it issue.)
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~$60-80m is a reasonable guess.

With regards to location, I do not think there is a practical place for it. It is my opinion that the administration made a crucial mistake when planning the campus. The athletic complex should be wear the faculty drive housing is. Faculty housing could have been where satellite parking is currently.
 
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Logistically speaking, where would we put an on-campus arena? Parking would be a damn nightmare, that's for sure.

However, it would be nice to have a smaller, more Wake-specific stadium. I'm pretty jealous of what UVA has at JPJ. If we don't ever build something new, we at least need a Tim Duncan statue or something outside the Joel.
 
TBR said:
~$60-80m is a reasonable guess.
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so basically 60-70 million more than it would cost to buy the Joel. The Joel has at least 15 more good years for Wake, while we raise money for something different.
 
The catch is the same building that cost $60-80 million to build now will probably cost $150 million or more in 15 years.

Regardless, I think that land is where such a building would end up.
 
PhDeac said:
The catch is the same building that cost $60-80 million to build now will probably cost $150 million or more in 15 years.

Regardless, I think that land is where such a building would end up.
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Especially since it seems that the current location of the joel will soon be on campus
 
TheIshThatSaved WakeForest said:
Logistically speaking, where would we put an on-campus arena? Parking would be a damn nightmare, that's for sure.

However, it would be nice to have a smaller, more Wake-specific stadium. I'm pretty jealous of what UVA has at JPJ. If we don't ever build something new, we at least need a Tim Duncan statue or something outside the Joel.
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The ideal thing would be an on campus arena designed after McArthur court.

Practically speaking, the Joel with a redone concourse, a face-lifted exterior (old Virginia brick please and no more of that awful greenish color), and a lowered ceiling of some sort would be a vast improvement.
 
TBR said:
The ideal thing would be an on campus arena designed after McArthur court.

Practically speaking, the Joel with a redone concourse, a face-lifted exterior (old Virginia brick please and no more of that awful greenish color), and a lowered ceiling of some sort would be a vast improvement.
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Exactly. I think you have to jump on buying the building if the price is below 10 million. If it's currently being offered for around 8 million and they don't get much interest who says we can't negotiate it down to 5 million. In these economic times the city of Winston isn't going to want to just sit on something thats losing a ton of money every year.

Instead of spending 60-80 million on a new arena, spend the 5-8 million to buy the Joel and pour 20 million into renovating it to Wakes specifications.

I really think by buying and renovating the building Wake would come out ahead in financial terms in addition to the benefits of having a true athletic campus that the school can grow toward in the future.
 
I've maintained for some time now that the best long-term on-campus arena would be a gutted and remodeled Reynolds gym.
 
The key is where does this fit into the 25 year Plan for wake and what would it cost then. Wake seems intent on owning that block of real estate. If wake develops that area into a hopping spot what could we later potentially sell the Joel for?
 
WFUtoUSC said:
I've maintained for some time now that the best long-term on-campus arena would be a gutted and remodeled Reynolds gym.
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I think you'd have to knock it down and start over. Not sure it would be a big enough space either.

Also, where would people park?
 
If Wake does buy the Joel..... do we rename it? Would have every right to.
 
We have to retain lawrence Joel but can rename as long as that name is still prominent. Bb&t field at grove stadium n
 
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