PONTIAC, Mich. - (Business Wire) Williams & Williams (www.williamsauction.com), the premier brand in real estate auction, on behalf of the City of Pontiac, Michigan, announced today the auction for the Pontiac Silverdome was won by a family-owned real estate company based in Toronto, Canada with a high bid of $583,000. The winning bidder plans to refurbish the Stadium and utilize it for men’s Major League Soccer and women’s professional soccer teams. The successful bidder’s name is not being released until final details are worked out and the sale closes. Fred Leeb, the Emergency Financial Manager for the City of Pontiac, stated, “I view these results as a success because:
- We recognized the problem and made the tough decision to base the sale on reality rather than dreams of higher sale prices and procrastination.
- The Silverdome will now be in the hands of professionals who can devote their time to transform this high-profile property into a vital asset instead of enabling it to continue to languish as an empty facility. Any improvements will be for the benefit of Pontiac because the property, of course, will stay in Pontiac, the property isn’t moving anywhere.
- The ongoing maintenance cost of $1.5 million/year will be eliminated and the property will go back on the tax rolls.
- The City Staff will go back to working on our extremely successful union negotiations, cost reduction efforts, revenue improvements and other positive aspects of our turnaround that is already underway.
- Pontiac will become more prominent as a great place for new business due to its favorable business climate and the host of tax incentive programs that are available in very few cities in the entire country.”
“This future-focused investment is good news for the City of Pontiac and is an exciting step forward for the community, City and State,” continued Leeb. “It was our goal to sell the Silverdome by the end of the year and relieve the City of its annual financial burden of $1.5 million to maintain the Dome. Williams & Williams did an amazing job marketing and attracting global buyer interest in this property. We couldn’t have asked for a better partner in this effort.”
Williams & Williams designed and executed a worldwide, multi-media advertising and publicity campaign that attracted interest from 84 countries and generated over 150 inquiries from potential buyers. We knew that it was going to be very tough so we reached out globally to find a creative buyer group that probably would have to look beyond the typical entertainment venue, apartment complex, or shopping center concepts.
According to Dean Williams, Chairman and CEO of Williams & Williams, “We feel very fortunate to have had the opportunity to find a new steward for the Silverdome on behalf of the City of Pontiac and the State of Michigan. There was interest from around the world in this property and, of all of the possible outcomes and uses, we are pleased the Dome will build on its past and be revitalized as a major sports venue.”
About Williams & Williams
Tulsa, Oklahoma-based Williams & Williams, the premier brand in real estate auction, is a global and multi-platform auctioneer driven by core values of free market competition, transparency and stewardship. Williams & Williams offers auction services throughout the United States and serves thousands of individual clients and the U.S.’s largest financial and investment firms and government agencies. (www.williamsauction.com)
Williams & Williams
Amy Bates, 918-362-6747
Amy.bates@williamsauction.com
