But the article you just posted says that they just got $90MM which raises the total to $180MM received. If they just got $90MM which took them to the halfway point, how could they have been at the finish line last summer? They couldn't have been. And the contract with Bernie wasn't in place until about 2 months ago, so how does that jive with them being fully funded last summer? And why would you presume they need to be fully funded to be doing any work? Tons of projects are funded and implemented in stages. I would be surprised if it happened any other way on a project of this scale. It's especially true when you're still doing your roadshow to get money - you want to show a lot of progress and you sell it as investing in an existing concern as opposed to funding a pie-in-the-sky new one.
Bingo. This lack of a seating chart is a big red flag. This entire Austin thing is turning into a fiasco. Hotel rooms are priced way out of line, not enough hotel rooms for the anticipated/needed paying attendance, paying a reservation fee for seating, etc. Sure, would like to see it happen, but this is sounding more and more like a pipe dream. Too many questions, not enough, or nearly none, answers.
I'm not sure it's a pipe dream but it does make me want to wait and see what is going to happen before putting down $5000 IN ADVANCE for a decent hotel room with a 4 night guarantee. The $100 "pre-ticket" is nothing. It's the hotels that will kill ya -- and they haven't even sold one ticket yet. What's it going to be like in October? For me, I want to know 1) What the track layout and seating looks like 2) What the support race schedule or events look like 3) What a seat costs I don't think I'm alone and I believe we are a long ways away from learning that. To be honest, for the costs I'm seeing, I'd rather just go to the known venue of Montreal and enjoy some terrific French food. Sorry Texas!
They got 94.3 MM one day, and then 90.3 MM the next. Having the funding in place, and spending it before you have a contract with Bernie would seem like a very poor decision to do. Like I said. Contract with Bernie in place. Things started happening very quickly. Don't see how they would have gotten back on track so quickly without the funding commitments already made. I don't see how you think they're doing a road show. If anything, one could say that the mediocre attempts at marketing and promoting the event shows that they are rather comfortable in the security of their funding (i.e. if you're still trying to raise capital, you are going to be promoting your project well)
...I think that Simon has already bought the sprinkler to make sure there is "rain" even if the weather doesn't cooperate No one is forcing you to book anything - all your posts have have been negative and underlying hope this won't happen - save yourself a headache and plan your travel F1 for New Jersey. BTW, saw Epstein about 3 weeks ago and he didn't seem bothered by the rumors that were floating around F-chat
I completely understand your concerns so your not alone (honestly). If you could fly me in for the Canadian GP I promise you, I DO NOT COST $5000 and can cook breakfast!! Well someone had to sprinkle alittle humor around here!
With the poor soil conditions at CoTA the track area and runoffs were dug out and replaced with other soil compositions, the pit, paddock and grandstand areas were also given special treatments prior to boring and pouring. The Masterplan (12.8.11) shows 11 Scaffold seating areas, 3 of which say possible. For the first race my guess is even some of the ones not listed as possible, will not exist. However, these scaffolds show seating from 2800 for the turn 13.1 scaffold to over 17000 for the turn 15.1 scaffold, one would deduce that they would not just erect these on recently dozed or backfilled soil. My question is; what site work will need to be done in order to support the weight of these scaffolds along with the weight of the fans seated and moving in them? Oh and of course, there is the pesky time frame issue.
All of the temporary stands here were in grassy areas, or in surface parking lots with crappy asphault under them.....trying to recall if they used specialized bases or ?????
http://www.facebook.com/media/set/?set=a.391166214231263.107500.157330087614878&type=3 Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
The training tract is built,cured and perfect for Austin's 1st GP.I have seen areial photo's and was clued in long ago by a Bastrop County Engineer.There is a state owned F1 capable facility built,cured and ready to go 15 miles west of Georgetown Texas which is some 20 miles north of the Austin City Limits,,,,,,, Thanks to the Great Leadership of Gov Perry and especially Lt Gov Dewhurst.FORZA
And your article states that after the additional investment, they have half of what they needed. Which means your statement that the project was fully funded last summer is clearly incorrect. Money was being spent before the contract was in place with Bernie, so there goes that theory. I don't "think" they are doing a road show. They ARE doing a road show. "Road show" is a term used for the financing of large projects where a targeted pitch is made to groups of serious investors. Perhaps you are taking it to mean something else, but what I just wrote is the manner in which I mean it. I know they are doing a road show because we've had a few details come out of targeted investments that have been made based on blocks of investors committing to set amounts of funding. That's a road show. It's like an IPO, but done privately and to select investors rather than the public at large. Let's hope they are able to pull it off - I am not speaking to that aspect of the project. I am just pointing out that by Tavo's comments and common sense regarding what we saw during the "winter butting of heads" between COTA/FOM, and further solidified by your own article, this project was most definitely and absolutely NOT "fully funded" last summer. Period.
http://www.statesman.com/sports/formula1/rates-for-many-hotels-skyrocket-on-f1-weekend-2189084.html?viewAsSinglePage=true
Looks like I'll be staying at Lackland AFB in San Antonio if I do more than race day. For those prices, I'd rather stay at the air force base, pay $30/night, and I'll deal with the traffic. I'll just have to leave SA super early, which I don't mind. I just spent this weekend in Dallas & San Antonio. On a related note, there's no basement at the Alamo!
Hunt Group is putting up a 28 story hotel at 4th and Congress it should be on line next year's race. Interesting read.....thanks!! I was camping across the street from the track at Indy for F1, but it was lonely.....
http://www.statesman.com/sports/formula1/neighbors-of-f1-track-call-late-night-construction-2193687.html
This may have already been discussed but I wonder if the property owners surrounding the track realize the nuisance from construction is a small price to pay for what should be a huge increase in their propertys value? Or am I off track in my thinking?
Increased property value is only good if you want to sell or leverage it... If you don't want to sell / leverage,... it drives up your fixed costs. taxes increase... insurance increases... everyone who works on your property wants a little bit more...
+1 I don't see how living next to a sports venue is increasing your real estate value. Might even be detrimental to it.
I realize the things that Simon^2 mentioned I was just looking at it from a different perspective I guess.
The county will dramatically increase the market value of the property and some people will probably get forced out due to the tax increase. NOTB.
Drove by last weekend - a few pics. They really have a lot of work to do. Spoke to two construction workers taking a break at the mini-mart across the street and they said that getting it done on time would be "no problem". I'd love to see it get done, but I'm skeptical. I'm guessing they get the bare minimum done to get cars on track, but work will remain on much of the surrounding landscaping, etc. I had seen on the maps, but also didn't really appreciate how much in the middle of nowhere the track is located. One two lane road to access the track from the highway. No other buildings or infrastructure nearby (except for the gas station/mini-mart). Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
