University of Central Florida
UCF issued an RFP earlier this week seeking a qualified investment banking firm for the issuance of up to $30M in Stadium Revenue Bonds to help fund the university’s $88M renovation of 17-year-old FBC Mortgage Stadium, nicknamed “The Bounce House.” AECOM is designing the renovation with Barton Malow serving as construction manager for the project, which will significantly expand premium seating in what’s known as Roth Tower on the stadium’s west side. The RFP’s winning bidder is expected to be chosen by early August.
The bonds were issued via the via the UCF Stadium Corp., a not-for-profit organization direct support organization established to receive, hold, invest, and manage property on behalf of UCF, which joined the Big 12 last summer. UCF Stadium Corp. took on a $70M loan to help fund the renovation project, with the $30M in bond proceeds expected to cover the remaining costs. The bonds will be secured in part by a lien on operating and non-operating revenues, including ticket sales, food and beverage, catering, novelties, premium seating, advertising, and sponsorships.
The stadium currently seats roughly 45,000 fans. Post-renovation, suites will increase from 25 to 59, while club seating will grow about 40% and 34 new loge boxes will be built taking that number to 68. The school expects to generate an additional $2.4M in annual premium seating revenue from the project, according to an Orlando Sentinel report, which should be completed in 2026.