Project Fastpitch funding is ‘on track,’ building costs increase

Economic blowback from the COVID-19 pandemic slowed the construction finances of the estimated $32 million softball complex in Newton, but the mayor told council members last week the funding is on track to be in place by the end of the year, even when building costs are expected to increase by $5.5 million.

Newton Mayor Mike Hansen said he received an update about the proposed sporting facility from Tom Johnston, a financial partner with Project Fastpitch.

“They’re still on track with their construction financing to be in place by the end of this year,” Hansen said at the Nov. 1 city council meeting. “The financing group that they’re working with are very excited about this project, and they’re also going to be partners with Project Fastpitch to make all of this happen.”

Adding to financial backers’ excitement is the announcement of the IndyCar returning to the Iowa Speedway for a weekend doubleheader for the next three years. The NTT IndyCar Series is scheduled to for the 2022 season and is presented in partnership with Hy-Vee.

Hansen said construction of the softball complex — which is comprised of 12 outdoor fields and four indoor fields — “will start as soon as weather permits.” Stakeholders have been in contact with steel suppliers this past year, too. Increases to building costs will undoubtedly affect the project.

“At this point in time it looks like an increase in $5.5 million,” Hansen said. “But even with the increase, they’re still very comfortable with the project and the facility will be very, very successful.”

All of the major subcontractors working on the project are coming from Central Iowa, Hansen added. The subcontractors “are very excited” about Project Fastpitch and are committed to making sure the project comes in on schedule. Hansen said the project is expected to add a solar array to power the complex.

Project Fastpitch was first announced in August 2019 and was expected to break ground that following fall. Pitched as a “one of-a-kind, multi-use project” by the private investment team, the 300,000-square-foot indoor facility will be located on the vacant, 70-acre parcel of land between Iowa Speedway and Interstate 80.

Several parking lots surround the complex, which is expected to attract a quarter of a million visitors to Newton. The main building is sequestered between two sets of outdoor field areas that contain five fields each; the remaining two fields are located south of the indoors facility and face Rusty Wallace Drive.

Inside the main building are four indoor fields, which allow for guaranteed play and can be used year-round regardless of weather conditions. Developments for nearby hotels, restaurants and other supporting retail stores are included in the site plan.

Contact Christopher Braunschweig at 641-792-3121 ext. 6560 or cbraunschweig@newtondailynews.com