Market and Financial Feasibility Studies
CROSS INSURANCE CENTER
City of Bangor, Maine
With architects Sink Combs Dethlefs, David was hired by the City of Bangor to study a replacement and/or renovation of its Auditorium (6,000-seat arena) and Civic Center (16,000-square foot conference center), which had become functionally obsolete for the city. For decades, the City had attempted to replace these facilities. Our study analyzed facility needs for a wide range of events, including sports and entertainment events as well as community and meetings events (such as conferences, conventions, and trade and consumer shows) and the potential for the nearby University of Maine to become an arena tenant. The market analysis was aided by comprehensive interviews with meeting planners, event representatives and promoters, and local leaders, and surveys of local businesses (through five regional Chambers of Commerce and Convention and Visitors Bureaus) and associations located in Maine, Massachusetts, New Hampshire, Vermont, Washington DC, and New Brunswick (Canada). We also worked closely with potential management companies on all aspects of facility operations, including food and beverage, sponsorships, ticketing, staffing, and others.
The study analyzed various development alternatives for the City, such as facility sizing, phasing, and construction timing based on available funding. In contrast to previous studies, we identified a feasible development schedule that phased in improvements and new construction that met the identified needs of the community. Based on the recommended development and its costs, we forecasted future facility operations. The first phase of our development plan – a new $65-million arena with 5,800 fixed seats – received overwhelming approval by local voters and officially opened in Fall 2013.