Hall of Fame Village secures $19.7 million. Is it enough to finish water park?
Work has halted on the Gameday Bay water park in Canton as the Hall of Fame Resort & Entertainment Co. lines up additional funding the complete the project.
Kelly Byer, Canton Repository
Updated 4 min read
CANTON – The Hall of Fame Resort & Entertainment Co. has secured $19.7 million for Hall of Fame Village development, but it's unclear whether the company has enough money yet to complete the Gameday Bay indoor water park.
The state recently awarded about $9.8 million to the Village as part of its One-Time Strategic Community Investment Fund that resulted from federal COVID-19 relief money. The Village also will receive $9.9 million from Constellation, a nationwide energy supplier and the official energy provider for the Village and Pro Football Hall of Fame.
The state allocation and Village announcement about the $9.8 million state grant did not specify a specific project at the sports and entertainment complex surrounding the Pro Football Hall of Fame.
Michael Crawford, president and CEO of the Hall of Fame Resort & Entertainment Co., thanked Sen. Kirk Schuring, R-Canton, Rep. Scott Oelslager, R-North Canton, and Senate President Matt Huffman, R-Lima, for their support of the Village in a prepared statement.
"The award of this grant speaks to the state's belief in the social and economic impact we are already having in our community and throughout Northeast Ohio," he said.
Village representatives did not respond to messages seeking additional information about the recent funding or the ongoing development. Schuring and Oelslager also did not respond to requests for additional information by The Canton Repository's publication deadline.
The football-themed Gameday Bay and Hilton Tapestry hotel are the last portions of the Village's second phase of development ― which includes the Center for Performance, Constellation Center for Excellence, Fan Engagement Zone and Play-Action Plaza.
Work on the water park stopped earlier this year because of a lack of money.
An investor presentation filed with the Securities and Exchange Commission in June described the water park as a 120,000-square-foot facility with a "wave pool, lazy river, water slides, private cabanas, party rooms, and swim-up bar." It states that construction on the 180-room, "upscale, football-themed" Hilton Tapestry hotel is expected to begin this fall.
An artist's rendering of the Gameday Bay indoor water park planned for Canton.
Constellation agreement
The $9.9 million from Constellation will finance construction and energy-efficient measures at the water park.
Crawford also thanked Constellation for its continued collaboration in a prepared statement. It's the third time the Village has used Constellation's Efficiency Made Easy program, which also supported development of the Constellation Center for Excellence and Tom Benson Hall of Fame Stadium.
“This type of lending program serves two priorities for Hall of Fame Resort & Entertainment Co.," Crawford said. "The first being continued construction financing and the second making energy efficiency a priority for our company’s goals around our corporate sustainability initiatives.”
Welty Building Construction agreed to sell and deliver material and equipment purchased by the Village and will receive a success fee of 1% as part of the contract, according to an SEC filing. The Hanover Insurance Co. provided a guarantee bond for the financing.
The Village's total repayment to Constellation will be $12.98 million ― paid in 60 monthly installments that began in June, according to the filing.
'Optimistic' outlook
The Stark County Port Authority board, which recently restructured its $5 million loan to the Village, received an update in late June from Ray Hexamer, president of the Stark Economic Development Board. He mentioned the state and Constellation funding as well as efforts to acquire local contributions and a state loan.
"I think we're optimistic that we'll get things in the right place here," Hexamer said at the port authority's monthly meeting. "But it'll take a while because it's such a complicated capital stack."
The Village broke ground in December 2022 for the indoor water park ― described then as a 147,000-square-foot project estimated to cost $117 million. The water park and adjacent hotel were to be completed this year but have been delayed by financing difficulties.
According to Stark County Recorder's Office records, three companies have filed mechanics liens on the property since April. Two companies released their liens, and the third and most recent lien was filed June 12 by Pennsylvania-based Vulcan Metal Sales Inc. The company claims it is owed $171,494 from the North Royalton-based subcontractor S&D Architectural Metals for work or material provided between Dec. 11, 2023, and May 7.
The property at 2301 George Halas Drive NW is owned by HFAKOH001 LLC ― an affiliate of the Chicago-based Oak Street Real Estate Capital firm, which has a lease agreement with the HOF Village Waterpark LLC, a subsidiary of the Hall of Fame Resort.
During a conference call in May regarding first-quarter results, Crawford said the water park was 44% complete and should open with the hotel in mid-2025 or during the third quarter of 2025. He told investors that the Village was in the final stages of fully financing the water park and hotel.
"I have high hopes and I'm optimistic for this company," he said during the conference call. "We are an early-stage company, so there are going to be bumps."
