PIMLICO RACE COURSE STUDY
- In May 2016, the Maryland Stadium Authority (MSA) approved a request from the Maryland Racing Commission (MRC) to manage a study, in up to two phases, to evaluate Pimlico’s ability to serve as the long-term home for the Preakness Stakes.
- In February 2017, Phase 1 of the study concluded that while the physical condition of the facilities at Pimlico presents significant challenges, there does not appear to be situational factors such as location, accessibility, the surrounding neighborhood, etc. that would negatively affect Pimlico Race Course’s ability to remain the long-term home of the Preakness Stakes. Pimlico Race Course Study, Phase 1
- In February 2018, MSA received and approved a request from the Department of Labor, License and Regulation (DLLR) to manage Phase 2 of the Pimlico Race Course Study.
- Given the findings of Phase 1 study, Phase 2 will identify potential development options that would create an optimal venue for the Preakness Stakes with year-round, non-racing options at Pimlico.
- The cost of Phase 2 study is $426,335 and funded by the Maryland Jockey Club, Baltimore Development Corporation, City of Baltimore and the MSA.
- MSA and its study partners Crossroads Consulting Services LLC, with Populous collaborated with the Maryland Jockey Club (MJC) and The Stronach Group (TSG) to develop a detailed program (the “Preakness Program”) of seating and hospitality products considered to be ideal for hosting the Preakness Stakes.
- Utilized the Preakness Program quantities and the price points established by MJC/TSG to estimate the economic and fiscal benefits associated with running the Preakness Stakes at Pimlico Race Course.
- Over the course of the study, MSA and its study partners conducted a series of visioneering and planning workshops with key stakeholders, including MJC/TSG, to create potential planning scenarios to serve as the basis for an overall concept plan.
- MSA solicited public feedback about the future of the facility and its possible uses through an electronic questionnaire and at an open meeting held at Pimlico Race Course in June 2018.
- MSA and its study partners performed market due diligence related to potential non-racing land use including an analysis of demographic and socioeconomic data, the residential market, commuting patterns, residential and commercial space inventories, vacancy rates, available tax incentives and other factors which may influence demand and marketability factors.
- The Phase 2 Study is now complete for public release.
MSA’s role in managing studies is to provide unbiased and objective analysis which provides information to local officials to assist in the decision making process about investment and benefits for their communities and constituents.
Gary A. McGuigan
Crossroads Consulting, Inc.