BRADENTON, Fla. The new Atlanta Falcons football stadium will cost $1.2 billion, an increase of $200 million from previous estimates, the state agency overseeing the project has learned.
The Georgia World Congress Center Authority was told Oct. 29 that costs for the design and site will be higher than originally thought, according to the Atlanta Business Chronicle. GWCCA owns convention facilities and the Georgia Dome where the Falcons currently play.
The new stadium will have eight sides and an octagonal-shaped, retractable-roof to give it an iconic presence in downtown Atlanta, which is what the Falcons requested.
After reviewing two locations for the facility, the team announced in September that it selected a site south of the existing Dome, which is nearer public transportation. It required negotiating land purchases from two historic nearby churches.
While the price tag is up, the amount to be contributed via public financing remains $200 million to be secured by a local hotel-motel tax. The bonds are expected to be sold early next year by Invest Atlanta, the city’s economic development arm.
The remaining cost will be paid through a $200 million loan from the National Football League’s G-4 program and $800 million from team debt, equity, and personal seat licenses.