Page 42 - The Hunt - Winter 2022

MEMORANDUM
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Hot Wheels
Coatesville’s long-awaited National Sports and Events Center looks toward breaking ground. By Kim Douglas
For 15 years, Crosby Wood has maintained his commitment to a “destination project with economic benefit” for beleaguered Coatesville, Chester County’s only city. Now it appears his persistence has paid off. With the necessary push provided by some much-needed state funding, International Development Group, a joint venture between Wood’s New Heritage Properties and a team of developers, is set to complete a 12-month due diligence period on the long-awaited National Sports and Events Center. “Full allocation is $9 million,”
says Wood of the figure, which includes a $3.6 million grant and a $5.4 million loan, both for land development, through the state’s Business in Our Sites program.
Wood’s plans for a velodrome—or track cycling arena—first surfaced about 10 years ago. “Early on, I was looking for a community to invest in along the Route 30 corridor, and the focus quickly narrowed to Coatesville,” he says. “Investors consistently struggled
to get financing, so we became masters of adaptive reuse, acquiring properties and repurposing them.”
Over time, relationships were built and new partnerships formed. “IDG is now completely aligned with local, regional and state leadership,” Wood says.
The arena project could cost up to
$79 million, while providing 350 new jobs (100 permanent) and driving $18.5 million in spending annually after three years. The
245,000-square-foot facility will have 2,500 fixed seats, with a velodrome belt circling a floor maximized for concerts, conventions and sports events. A virtual reality gaming center and a bar and bistro will overlook the track, along with ample meeting space. In fact, less than 25% of the revenue is projected to come from the velodrome. “I like to call the cycling piece the special sauce that takes
a regional project and gives it international draw,” says Wood, a Unionville native.
Located in the Flats, a redevelopment district near Coatesville’s historic bridge, the arena could be a key economic stimulant for decades—“if it’s done right,” says James Logan, Coatesville’s city manager.
Under Logan, the city landed the BIOS
16 THE HUNT MAGAZINE winter 2022-23
(From left) David Chauner, Crosby Wood and James Logan at the site of the future National Sports and Events Center.
JIM GRAHAM