In 1998, Chase Field cost over $350 million to complete construction. Less than 15 years later, an appraisal in 2010 by Maricopa County valued the stadium at $45 million according to Phoenix Business Journal.
The owners of the stadium, Maricopa County Stadium District, wants to sell the home of the Arizona Diamondbacks. Stadium Real Estate Partners LLC are the private group looking to buy the ballpark and has offered $60 million for the stadium.
Phoenix Business Journal has details of the appraisal.
Maricopa County Communications Director Fields Moseley said in a statement that the appraisal was done in 2010 and it assumed the county still owned the D-backs ballpark.
“Please take into account that is an incomplete draft this is more than 6 years old,” Moseley said. “As such it contains statements and/or conclusions that were based upon various assumptions at that time that may not be feasible and/or appropriate today.”
The real estate market in Phoenix in 2010 was also still battling the last recession and is in much better shape today especially in downtown Phoenix which has seen residential and commercial growth.
The appraisal report also foreshadows a potential sale of the ballpark to the Diamondbacks or a private group.
In the end, the team itself can choose to veto the sale of the stadium and could also buy it from the county.
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