The Georgia World Congress Center Authority Tuesday approved a contract with 360 Architecture, which begins the design process on a $1 billion, retractable-roof, multi-purpose stadium for the National Football League's Atlanta Falcons.
The firm said it expects to develop a conceptual design for approval in early June, a schematic design for approval by the end of October, and design development approval by mid-April 2014.
"Selecting a lead architect is a very significant decision in the new stadium process," said Falcons President Rich McKay in a statement. "360's creativity and qualifications made them the best fit for this project, and we believe they will put us in the best position to deliver the ultimate game day experience for our fans, as well as serving at the highest level the needs of current Georgia Dome events and other new events in the future."
In early April, Invest Atlanta, the city's economic development agency, approved a bond resolution and a development agreement between the city, the Falcons, and the GWCC. The World Congress Center is a state agency that owns the Georgia Dome where the Falcons currently play.
Invest Atlanta will issue $200 million of bonds secured by a local hotel-motel tax for the new stadium, while $800 million will come from the Falcons, the NFL, and personal seat licenses.
The 30-year bonds are expected to be issued next year in a par amount of $226 million, which will include issuance costs and $15.5 million for reserves should hotel-motel tax collections fall short of debt-service needs.
The Dome, which is just over 20 years old, will be razed after the new stadium opens.
