INDIANAPOLIS (Aug. 24, 2015) – The Indiana Pacers are a big step closer toward building a new $50 million training facility near Bankers Life Fieldhouse.
The Indianapolis Capital Improvement board, which owns the land where the facility would be built, agreed Monday to revise the lease to allow for construction.
“I think it certainly speaks to the ownership of the Pacers and their desire to at least continue to be part of Indianapolis for a long, long time,” Earl Goode said, president of the CIB.
A final agreement will still need to be approved by CIB members.
The five-story, 130,000 square-foot training and medical facility would be built just east of Bankers Life Fieldhouse, replacing an elevated parking lot where Pacers employees currently park.
Renderings are expected to be released at a news conference Wednesday.
Bill Benner, senior vice president of corporate, community and public relations for Pacers Sports & Entertainment, said the facility would include two levels of training and medical amenities for players, office space for staff and a new tenant that will be announced Wednesday.
“This is a $50 million investment in the team and community,” he said.
All construction and operational costs will be privately financed by Pacers Sports & Entertainment.
The Pacers would own the building through the term of the lease with the CIB, which if approved as is would last for 40 years with a 10 year option. After that, the Pacers would turn ownership of the facility over to the CIB.
Benner said a new facility is a must to stay competitive in the NBA, adding 20 teams have built or are planning to build new stand-alone facilities since 1999 when Bankers Life Fieldhouse opened.
“The competition for free agents is keen as we’ve seen over the last couple years,” he said.
The current training facilities at Bankers Life Fieldhouse will continue to be used by the Indiana Fever.