Data Room
FuturePlay Sports is developing a first-of-its-kind sports district on 50 acres of prime land in Happy Valley, Oregon, the fastest-growing suburb in the state, just 20 minutes from the newly renovated PDX airport with direct access to I-205 and I-5. In partnership with Sports Academy, the district is engineered to draw families 365 days a year for youth sporting events, entertainment, wellness, and community. The district is anchored by a 141,000 sq. ft. purpose-built basketball and volleyball tournament facility and a 3,000-seat championship/event arena, delivering the Pacific Northwest's first venue with the court density required for elite-level national qualifying tournaments. No comparable facility exists in Oregon. Oregon-based clubs routinely export millions in travel spend to venues in Phoenix, Salt Lake City, and Northern California. FuturePlay keeps that economic activity in-state and creates a tourism draw for the entire region. Beyond the courts, the district includes a sports-themed boutique hotel, elevated team cabin village, a next-generation food hall, secured beer garden, and an ambitious destination outdoor playground, creating an overnight hospitality ecosystem no competing facility in the region can match. The project requires approximately $130M from land acquisition through development to groundbreaking, with experienced operators and best-in-class west coast partners lined up across every program vertical. Revenue is modeled across 13 distinct zones using a purpose-built Programming & Revenue Modeler (see dedicated section). The model's anchor tenant projects $14.9M in stabilized annual revenue. This is a monopoly play in the $3T+ sports and entertainment industry: first to market, first to build, and positioned to capture a share of the $43B+ U.S. youth sports economy from day one.
| Project Parameter | Value |
|---|---|
| Total Project Size | $XXX,XXX,XXX |
| Campus Size | 50 acres · 141,000 SF indoor youth sports facility |
| Total Equity Required | $XXX,XXX,XXX |
| Construction Debt | $XXX,XXX,XXX (XX% LTC) |
| Projected Blended IRR | XX.XX% |
| Equity Multiple | X.XXx |
| Target Hold Period | 8 years (sale in Y8) |
| Exit Cap Rate | X.X% |
| Stabilized NOI (Base Case) | $XX,XXX,XXX ($XX/SF) |
| DSCR at Stabilization | X.XXx |
| Stabilized OpCo Revenue | $XX,XXX,XXX |
| Total Revenue Zones | XX zones across sports, hospitality, F&B, and passive income |
FuturePlay utilizes a bifurcated PropCo/OpCo structure to isolate real estate risk from operational risk. This institutional-grade framework allows investors to participate in both asset appreciation and high-velocity operating cash flows through a single investment. The expanded campus footprint — including the boutique hotel, tree cabin village, beer garden, and food cart plaza — creates diversified revenue layers that strengthen the OpCo's cash flow profile and the PropCo's NOI stability.
| Entity | Function | Value Driver |
|---|---|---|
| FuturePlay Property Co. | Real estate ownership, NNN lease to OpCo | Asset appreciation, depreciation, $X.XM stabilized NOI |
| FuturePlay Operations Co. | Facility management, tournaments, programming, hospitality | $X.XM+ stabilized revenue across 13 zones |
| FuturePlay Development LLC | Land acquisition vehicle — 50-acre bulk purchase. | Land value creation, master-planned district potential |
| FuturePlay Holdings | Parent / IP holding company | Brand equity, multi-site scalability |
The PropCo owns the real estate and leases to the OpCo under a Triple Net (NNN) structure. All property operating expenses — including taxes, insurance, maintenance, and reserves — pass through to the OpCo, producing clean NOI for real estate investors. The Development LLC strategy acquires 60 acres at bulk pricing, carves out the 10-acre campus for VICI/PropCo, and develops the remainder as a master-planned sports district — capturing land appreciation across the full site.
Phase I: Anchor Capital ($3.5M)
The initial $3.5M raise funds land acquisition, entitlements, and pre-construction engineering to move the project from Exclusive Negotiation to Site Control. These anchor investors receive a 15% cumulative preferred return, compounding annually during construction, with first-priority position in the waterfall.
| Parameter | Detail |
|---|---|
| Target Raise | $3,500,000 |
| Minimum Subscription | $500,000 |
| Preferred Return | 15% cumulative, compounding annually |
| Investor Qualification | Accredited Investors only (Reg D / 506c) |
| Use of Funds | Land acquisition, site due diligence, architectural/engineering design, GC pre-construction coordination |
| Waterfall Position | First claim on distributions; paid in full from Y3 refi before Tier 2 |
Full Capital Stack
| Source | Amount | % of Total | Cost / Terms |
|---|---|---|---|
| Tier 1 Equity (Anchor) | $3,500,000 | 5.8% | 15% pref return |
| Tier 2 Equity | $25,500,000 | 42.5% | Target 10–12% pref return (see note) |
| Construction Debt | $30,000,000 | 50.0% | 10% rate, cap interest |
| Grants / City Contributions | $1,000,000 | 1.7% | Sport Oregon / City-County TBD |
| Total | $60,000,000 | 100% | — |
Permanent refinancing occurs in Y3 at stabilization. The perm loan (6% rate, 25-year amortization, 15-year term) is sized at 60% LTV, generating a refi surplus that retires the construction debt and returns capital to Tier 1 investors. Annual debt service on the permanent loan is approximately $3.44M, producing a 1.66x DSCR at stabilized NOI of $5.7M.
Distributions follow a three-tier structure designed to protect early capital while rewarding participation in upside. The team is actively modeling a path to a Tier 2 preferred return of 10–12%, supported by the expanded 13-zone revenue model. Updated waterfall projections will accompany the programming model presentation.
The blended LP IRR across all tiers is currently projected at 18.22% with a 2.87x equity multiple. The team expects these figures to improve as the programming model is refined over the coming weeks.
The following model is the live source of truth for FuturePlay's revenue projections. It models all 13 facility zones with zone-specific rate assumptions, traffic multipliers tied to calendar density, and a month-by-month breakdown of programming, hospitality, F&B, and passive income. All figures in the pro forma section below are drawn directly from this model.
| Zone | Revenue Model | Key Assumption | Annual (Base) |
|---|---|---|---|
| Main Courts (53,000 SF) | Per session / per tournament | 18V / 7B, 5 valid floor configs | $2,834,000 |
| Arena / Stadium | Per event ($8,000+) | 3,000 seats, broadcast-ready | $576,000 |
| Food Cart Plaza | $450/cart/mo + 35% gross revenue share | 15 carts, avg $20K/mo gross, 3 tiers | $1,341,000 |
| Boutique Hotel New | 15% operator revenue share | 75 rooms, $149 ADR, 65% occupancy | $399,000 |
| Tree Cabin Village New | $45/bed/night + weekly packages | 120 beds, 55% occupancy, 220 nights | $653,000 |
| Beer Garden New | $15 cover + drink revenue (FP-operated) | 200 avg attendees, 8 event nights/mo | $584,000 |
| Parking Lot | $10/car, event days | 500 stalls, 80% occ, 12 event days/mo | $576,000 |
| S&C + MMA/Dance/Cheer | Per participant / hourly | 14,500 SF combined | $350,000 |
| Classrooms + Team Rooms | Hourly rental ($10–$20/hr) | 2 classrooms (30 seats), 4 team rooms | $65,000 |
| Medical Office | Flat lease — $26/SF/yr | 1,700 SF, passive income | $44,000 |
| Parent Lounge / Co-Working | $180/desk/mo avg | 10 co-working desks | $22,000 |
| Total (Base Case) | $13,196,000 | ||
The OpCo generates revenue across 13 zones. Programming revenue (court rentals, clinics, camps, tournaments, memberships, league fees) represents the core income stream at $7.6M stabilized. Hospitality and F&B zones — the Boutique Hotel, Tree Cabin Village, Beer Garden, and Food Cart Plaza — add $3.6M in stabilized annual revenue not present in facilities of comparable scale. Passive income (parking, medical lease, co-working, sponsorships) contributes $1.4M. Revenue ramps at approximately 40% utilization in Y3, 70% in Y4, and 90% in Y5, reaching full stabilization by Y5.
| Metric | Y3 (Ramp) | Y4 | Y5 (Stab.) | Y8 (Sale) |
|---|---|---|---|---|
| OpCo Revenue | $5.8M | $9.2M | $13.2M | $15.5M |
| — of which Hospitality (Hotel + Cabins + BG) | $0.4M | $1.0M | $1.6M | $1.9M |
| — of which F&B (Carts + Arena) | $0.8M | $2.4M | $3.9M | $4.3M |
| OpCo EBITDA | $0.2M | $0.5M | $1.1M | $1.4M |
| EBITDA Margin | 3.4% | 5.4% | 8.3% | 9.0% |
| PropCo NOI | $2.6M | $4.4M | $5.7M | $6.2M |
| DSCR | 0.76x | 1.28x | 1.66x | 1.80x |
| Rent as % of Revenue | 44.8% | 47.8% | 43.2% | 40.0% |
Quarterly Revenue Distribution
| Quarter | Programming | F&B + Hospitality | Passive | Total |
|---|---|---|---|---|
| Q1 (Jan–Mar) | $1.2M | $0.9M | $0.3M | $2.4M |
| Q2 (Apr–Jun) | $1.6M | $1.2M | $0.3M | $3.1M |
| Q3 (Jul–Sep) | $2.1M | $1.4M | $0.3M | $3.8M |
| Q4 (Oct–Dec) | $1.6M | $1.0M | $0.3M | $2.9M |
| Annual | $6.5M | $4.5M | $1.2M | $13.2M |
Cost Segregation & Depreciation
The project will utilize cost segregation to accelerate depreciation. Specialized components such as HVAC systems (~$3.3M), championship lighting, broadcast infrastructure, and hospitality buildout (hotel, cabins, beer garden) may be reclassified from 39-year straight-line to 5-, 7-, or 15-year recovery periods. These accelerated non-cash deductions can offset passive income for investors, enhancing the after-tax IRR.
The Pacific Northwest is an infrastructure desert for elite indoor sports. While the Southwest has purpose-built mega-court facilities for national qualifiers, the PNW relies on fragmented municipal gyms and school facilities that lack the court density, ceiling clearances, and broadcast infrastructure required by national governing bodies. FuturePlay captures this gap — and extends it into a full-campus hospitality ecosystem that no competitor in the region can replicate.
The $43B+ U.S. youth sports industry continues to grow at 7–9% annually, driven by club sport participation rates, travel tournament spending, and the professionalization of youth athletic development. FuturePlay's campus model — combining elite competition infrastructure with overnight athlete housing (boutique hotel + 120-bed cabin village), recovery services, and proprietary programming — positions the facility as a destination, not just a gym.
FuturePlay will deliver 18 collegiate volleyball courts (convertible to 7 collegiate basketball courts) under one roof, with a 3,000-seat championship arena designed for televised finals. The facility meets sanctioning requirements for Nike EYBL, USA Volleyball (USAV), and NCAA-certified recruiting events.
Regional Benchmark: Rocky Mount Event Center
The Rocky Mount Event Center (NC) serves as FuturePlay's primary operational comparable — a purpose-built multi-court facility in a mid-sized market that demonstrated the demand, revenue velocity, and economic impact model FuturePlay replicates in the Portland MSA, a significantly larger market with superior airport connectivity (PDX), higher per-capita income, and no competing venue of this scale.
Economic Leakage Opportunity
Oregon-based clubs currently export an estimated $110M annually in tournament travel spend to out-of-state venues. FuturePlay recaptures that economic activity within Oregon while layering on visitor spend through hotel nights, cabin stays, beer garden revenue, and food cart sales — creating a multiplier effect that no single-court-block rental model can produce.
| Specification | Detail |
|---|---|
| Campus Size | 50 acres total; 141,000 SF indoor facility on ~10-acre campus footprint |
| Main Court Floor | 53,000 SF — 18 collegiate volleyball courts OR 7 collegiate basketball courts; 5 valid split configurations |
| Championship Arena | 3,000-seat venue with broadcast infrastructure for televised events; configures for pro basketball, pro volleyball, wrestling, concerts, and stage events |
| Performance Spaces | 7,300 SF MMA/Dance/Cheer floor; 7,200 SF Strength & Conditioning gym; Speed & agility track |
| Education Spaces | 5,000 SF — 2 classrooms (30 seats each) + 4 team rooms (10 seats each), bookable hourly |
| Boutique Hotel | 75 rooms; operated by third-party hotel partner; FuturePlay receives 15% of operator gross revenue |
| Tree Cabin Village | 10 cabins × 12 beds = 120 beds total; elevated in Rock Creek riparian preserve; heated/electric; connected by elevated bridge walkways |
| Beer Garden | Secure fenced perimeter; FuturePlay-operated; cover charge + consumption model; bridges stadium and food cart plaza |
| Food Cart Plaza | 4,500 SF; 15 stalls; $450/cart/mo base rent + 35% gross revenue share; slow/medium/high traffic tier model |
| Parent/Spectator Lounge | 6,800 SF; 10 co-working hot desks; event overflow capacity |
| Medical Office | 1,700 SF; NNN tenant lease at $26/SF/yr |
| Parking | 500 stalls; EV charging; ADA access; team bus drop-off |
| Open Event Lawn | Tournament overflow, warm-up fields, event tenting; amenity zone |
| Giant Outdoor Playground | Family amenity adjacent to food cart plaza |
| Sanctioning | Engineered for Nike EYBL, USAV, and NCAA-certified event standards |
| Construction Estimates | Colas concept: $43.8M ($311/SF); Hoffman precon: $103.9M ($602/SF expanded scope). GC coordination and additional quotes in progress. |
| Phase | Milestone | Target | Year |
|---|---|---|---|
| I | $ Anchor Capital Close | Q2 2026 | Y0 |
| II | Land Acquisition & Final Permitting · GC Selection · City/County Contribution Coordination | Q3 2026 | Y0 |
| III | Groundbreaking / Construction Start | Q4 2026 | Y1 |
| IV | Construction Complete / Permanent Refi | 2028–2029 | Y2–Y3 |
| V | Grand Opening & Operations Begin · Hotel + Cabin Village Launch | 2029 | Y3 |
| VI | Full Stabilization — All 13 Zones Active | 2031 | Y5 |
| VII | Target Sale / Exit (REIT or Strategic) | 2034 | Y8 |