Pontiac Silverdome Auction Preview: Episode 1

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• published: 21 Oct 2009
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General information, registration, auction format and schedule for the Silverdome auction. Sealed bids for the absolute auction can be submitted until Nov. 12 at 4pE. Built at a cost $55 million, the Silverdome was the largest arena in the NFL when the engineering marvels doors opened in 1975. So what does the winning bidder get? How about 127.5 acres, special zoning from the city and of course the dome. Dont have an NFL franchise to put in the Silverdome? No problem. Pontiac city leaders are ready to work with the new owners on just about any redevelopment proposal. Sealed bids are now being accepted by Williams & Williams through Nov.12, 2009 at 4p ET. At that time, the city of Pontiac, in its sole discretion, may declare the current high bidder the winner and the auction ended. OR the city may elect to invite no more than the top five high bidders to a best and final outcry auction. Should the city determine that they will continue the auction to final outcry, that live event will be held in Pontiac, Mich., on Nov. 16, 2009 at 1p ET at the Marriott Hotel in Pontiac, to give all finalists time to travel to Pontiac. For more information contact Dan Falls at Williams & Williams at 918.362.6558 Considered an excellent high-profile redevelopment opportunity, the Pontiac Silverdome, an 80,300-seat stadium, is prominently situated on 127+/- acres accessible by I-75 and M-59. Built at a cost of $55.7 million, the dome was the largest arena in the NFL when it opened in 1975. The gateway site will lend interested buyers an array of development options. "We are excited about the Pontiac Silverdome Auction and finding a new owner to become a key member of our community, said city of Pontiac Emergency Financial Manager Fred Leeb. The decision to sell via absolute auction illustrates our commitment to sell the stadium and convert an expense into a vibrant future development." According to Leeb, What's important for bidders to realize is that this is not just a large site. This is a prominent location and it is in a city that will do all it can do to welcome business and foster a new way of operating in the state of Michigan. Oakland County, where Pontiac is located is ranked the fourth most affluent county in the United States, featuring the wealthy townships of Bloomfield Hills, Birmingham and Royal Oak. The Silverdome is located next to major thoroughfares such as I-75, M-59, University Drive and Woodward Avenue. All pluses for new owners. To walk into the huge structure that is the Silverdome can still take your breath away. With a seating capacity of 80,311, its still one of the largest in the world. The Silverdome was home to the National Football Leagues Detroit Lions, the National Basketball Associations Detroit Pistons and the United States Football Leagues Michigan Panthers. It has seen major events such as Super Bowl 16 and the 1994 FIFA World Cup. The dome established the largest indoor attendance record for a sporting event when Hulk Hogan met Andre the Giant in the World Wrestling Entertainments WrestleMania III. The Lion's franchise moved from the Silverdome in 2002 and while the Silverdome has had periodic and varied use since then, its owner, the city of Pontiac has chosen to auction the dome and the land it is on in an effort to stimulate development in their city.