$424M Pimlico Rebuild Ambitious in Scope, But Who'll Pay For It?

If the GI Preakness S. is to remain in Baltimore at a revitalized Pimlico Race Course, the recommended concept plan released Thursday by the Maryland Stadium Authority (MSA) calls for the complete razing and rebuilding of the 110-acre racetrack property at an estimated three-year construction cost of $424 million.

The ambitious, sweeping plan envisions a new 15/16-mile dirt track (shortened from the existing mile oval), plus a seven-furlong turf track, grandstand, and four-story clubhouse that would all be rotated 35 degrees clockwise from the current setup so as to better dovetail with the existing neighborhood.

The expansive Dec. 13 proposal also provides for new shared land classifications in the neighborhood, including equestrian usage, green space, commercial and residential mixed-use, and a health care campus. The community's roadways and other civic infrastructure would also undergo substantial upgrading, and the new Pimlico infield could include public athletic fields or park-like areas.

A focal point within the proposed racetrack footprint would be the construction of The Palio, a 300 by 500 foot public multi-use plaza designed to serve both as the once-annual saddling area for the Preakness while also hosting outdoor public concerts, performing arts, and markets during the remainder of the year. The design inspiration comes from Il Palio, the historic public square in Siena, Italy, that hosts non-traditional horse racing festivals twice each year.

In fact, much of what the MSA is proposing for Pimlico is built around the idea of providing basic on-track infrastructure for multi-purpose, year-round use that could be augmented for major events by incorporating “overlay” infrastructure such as infield tents and temporary buildings that would provide premium seating for an estimated 60% of Preakness attendees.

But the obvious–and thus far unanswered–question is how will this massive Pimlico project be funded and who, exactly, will pay for it?

The MSA proposal stops short of stating any specific funding ideas, and it comes with the caveat that, “This analysis is preliminary in nature and does not constitute a comprehensive master plan of Pimlico Race Course … this is a hypothetical, conceptual analysis of potential uses that could occur, not a feasibility study of what will occur.”

The Stronach Group (TSG) owns the Maryland Jockey Club (MJC) and its two active racetracks, Pimlico and Laurel Park. TSG has been on the record for several years as acknowledging the sub-optimal conditions at outmoded Pimlico, which raced only 12 dates during May in 2018 for an abbreviated meet surrounding the Preakness.

At the same time, TSG has invested millions of dollars in upgrades at Laurel over the past several years. As recently as this past May, MJC officials were on record as saying that the company does not foresee putting any of its own funds into an overhaul of Pimlico, and it has been speculated that the Preakness–and possibly all MJC race dates–could be moved to the increasingly refurbished Laurel as early as 2020.

Neither Tim Ritvo, the chief operating officer of TSG, nor Sal Sinatra, the MJC's president, returned Thursday voicemail messages requesting comment prior to deadline for this story.

Belinda Stronach, the chairman and president of TSG, addressed the issues of funding and the potential future home of the Preakness only obliquely in a press release issued by the company.

“The final conclusions of the MSA report are in line with our assessment that in order to bring the facility up to par, it will require several hundreds of millions of dollars,” Stronach said, in part. “TSG is investing heavily in racing and we are committed to the long-term sustainability of the Thoroughbred racing industry and to the communities in which we operate in Maryland. The MSA study began three years ago and from the outset we have expressed the need to address Pimlico, and by extension the Preakness Stakes, within the context of the broader racing ecosystem.”

So would a publicly funded Pimlico be feasible? The MSA report also left those specifics unaddressed, but did advise that, “A logical next step in the planning process is for key stakeholders including MJC/TSG, the City and the State to agree to execute a formal agreement to enter into future negotiations.”

For comparison, consider the price tags of several other high-profile sports complexes that the state has built over the past several decades: In 1992, the MSA opened baseball's Oriole Park at Camden Yards after constructing it for $110 million (not including land costs). In 1998, MSA opened the adjacent multi-use home of football's Baltimore Ravens (now called M&T Bank Stadium) at a construction cost of $220 million.

So even after adjusting for inflation, the MSA's projected $424 million Pimlico rebuild would still dwarf the combined costs of the baseball and football parks.

Tim Keefe, the president of the Maryland Thoroughbred Horsemen's Association (MTHA), told TDN that while keeping the Preakness at Pimlico resonates from a historic standpoint, stakeholders have to maintain a long-term vision centered around what is best for the industry in its entirety.

“I think we've all known for years the state of Pimlico and the hopes that something would happen,” Keefe said. “Whether or not what's in the study happens, whether it's rebuilding a new Pimlico, the horsemen all know the commitment that TSG has in building a mega-track or a super-track here at Laurel, which is kind of what their vision is.

“I think that whatever happens, the ultimate goal needs to be not just two or three weeks of racing at one racetrack, but the year-round vision for racing in Maryland as a whole,” Keefe continued. “And whether that's having one track, or having the track at Laurel and also this new facility for [multi-use events] at Pimlico, that's not for me to say.

“That's my personal opinion as a horseman here in Maryland. That's not coming from the MTHA,” Keefe underscored. “I live here in Maryland, and I breed and race horses here in Maryland. My hope is that whatever decisions made, it's for the Maryland racing industry as a whole, for year-round racing.”

Asked if he thought that the important concept of solidifying year-round racing was more difficult for civic leaders to grasp than the threat of having the one-day Preakness move out of Baltimore, Keefe replied:

“Oh yeah, sure. The city leaders of Baltimore certainly don't want to have the second jewel of the Triple Crown lost on their watch. So they're probably going to do everything they can–and they should–to keep it in their hometown.

“But I think ultimately you have to look at what's best for everybody,” Keefe summed up. “You have to look at the whole picture–not just what it does for Baltimore or for one specific area.”