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When government and sports leaders thrust shiny shovels into the Chester City riverside Dec. 1 for the official groundbreaking on a $115 million pro soccer stadium, they'll hit more than rocks.
They'll strike the hard surface of a sinking national economy, a calamity that has depleted government coffers and turned once-routine bank loans into adventures - and hurt the construction of sports venues across the nation and across the sea.
Nick Sakiewicz, chief executive and operating partner of the yet-unnamed Philadelphia team, scheduled to start play in 2010 as Major League Soccer's 16th club, said the financial crisis had not hurt the stadium project. Work is on schedule and on budget, and monetary commitments from state and local governments appear secure, he said.
At the same time, he said, the owners are "tweaking" plans to build millions of dollars worth of ancillary development that includes housing, stores, office space, and a convention center. Plans for townhouses and apartments may be scaled back, while space for retail and commercial ventures may increase, he said.
