Circus Arena: What Next?

06 Jun Circus Arena: What Next?

The bids are in and the clock is still ticking on the fate of the Circus Arena located on the east side of the Venice Municipal Airport. Long considered a dilapidated, uninhabitable eyesore – most recently condemned – the arena is still the center of attention as the City of Venice searches for answers – and consensus.

The City was given 60 days to remedy the condemnation, whether by securing the premises from intrusion or removal of the hazard. Prior, the Circus Arts Foundation was given a five year window to raise funds to save the circus complex from the wrecking ball and restore it as a performance venue and family entertainment attraction.

The facts so far:

Best price for a total demolition is roughly $210,000*

Cost of a partial demolition allowing salvage of the superstructure for perhaps a year, then total demolition is $390,000*

Estimated renovation cost, including upgrades for commercialization: >$10 million**

Circus Arts Foundation Fundraising efforts to date: < $1M cash and in-kind professional services**

Fair Market Value of land lease (12 acres fronting US 41): $460,000/year***

Discussion is all over the map, from salvaging the smaller building, to proactively seeking commercial tenants, to outright sale of the parcel. Whatever is decided in the endgame will have a tremendous impact on airport finance.

Now is the time to sound off. What do you think the city should do?

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* City bid opening
** Circus Arts Foundation presentation
*** Comparables