Overview
Memorial Stadium was built in 1923 and serves as home to the Nebraska Cornhuskers football team. CAA ICON was engaged by the University of Nebraska-Lincoln to assess the feasibility of and economic impact of renovating the 100-year old stadium.
Approach
Market Demand Analysis: Evaluated the local and regional market stadium demand and developed a preliminary stadium program (capacity, luxury suites, loge boxes, club seats, parking, etc.) through a detailed assessment of local and regional market characteristics, demographics and benchmarking.
Market Validation: Validated preliminary market demand conclusions developed in the previous phase by conducting consumer research including web-based surveys, corporate surveys, and focus groups.
Financial Feasibility Analysis: Created a baseline operating and financial profile for a renovated stadium, including detailed operating revenues and expenses. The financial model was used to evaluate the incremental impacts to be generated by the University of Nebraska in a renovated Memorial Stadium.
Economic and Fiscal Impact Analysis: Estimated the financial and economic impacts in connection with the renovation period and on-going operations of Memorial Stadium.
Economic and Fiscal Impact Analysis: Estimated the financial and economic impacts in connection with the renovation period and on-going operations of Memorial Stadium.
Result
In October 2023, the University of Nebraska Board of Regents unanimously approved the $450 million renovation to Memorial Stadium. Construction is expected to begin after the 2024 football season. Renovation plans include the demolition and replacement of the South Stadium, 360-degree main concourse connection, concession upgrades, and enhanced student life amenities.
