Ownership and Leadership Changes
In late 2003 Recreation Factory Partners (RFP) (owner/operators of ice  rink, roller, pool and soccer facilities) were approached by Lincoln Harris , an RTP based commercial real estate company about acquiring the Triangle SportsPlex (TSP) from Eaton Vance. Eaton Vance is a Massachusetts based investment bank that held the assets and business of the TSP.
After thorough due diligence it was determined that the asking price required for the land and building could not be justified by ongoing business revenues for use as a recreation facility. As consultants to the industry, RFP were aware that any other potential recreation based buyers would have a similar assessment. As residents of the Triangle, the principals of RFP were very concerned about Eaton Vance evaluating offers to sell TSP to other interested parties who would turn it into office condominiums or similar use, thereby depriving the community of a much needed recreation facility.
RFP turned to Jeff Thompson, head of LEDAHF (Linked Economic Development and Affordable Housing Foundation) which specializes in the development of affordable recreation and housing. Jeff began to work diligently with the Orange County Manager and his staff to assess the feasibility of Orange County acquiring the facility as a best use of County funds in their long term plans to support pool, fitness, recreation and senior center infrastructure. Together they developed a proposal that concluded that not only was acquisition of the TSP highly feasible but was by far the best use of taxpayer dollars in providing these services to the County. A proposal was made to the Board of County Commissioners. After careful deliberations it was unanimously agreed that acquiring the property and adding on a senior center was an excellent use of Orange County resources.
Soon after community input and a final vote for approval, Orange County needed to engage an experienced management company to oversee the facility, programs, management, financials and all other day to day operating processes. RFP had established a solid track record of managing multi-venue recreation properties including the new 200,000 sq. ft. recreation mall known as “The Factory” in Wake Forest, which includes two ice rinks, in-door soccer, six baseball fields, a skate park, batting cage, basketball, go-carts, plus a assortment of retail, restaurant and other services. After evaluating all potential management companies, the combination of core competency plus a strong local and NC presence were the major deciding factors in awarding the contract to RFP.
After five months of operation under new ownership and management, RFP are very pleased to report that the Orange County SportsPlex has been operating within all budgetary and objectives criteria mandated for the facility. There has been extensive behind the scenes re-build and repair of the ice rink refrigeration infrastructure which had been poorly maintained and was in danger of complete collapse. Pool equipment infrastructure is under repair and replacement where necessary. This summer, fitness locker rooms will see the floors resurfaced and new lockers installed. Additional cardio equipment has been purchased and more improvements are planned over the coming months.
This entire process is an outstanding example of what can happen when government, private interests and a group of passionate employees work together in the best interests of the local community. We have been thrilled with the energy, effort and creativity brought to this project by the Board of County Commissioners and the Orange County Manager and his dedicated staff. Their support has been outstanding. The future of the facility is now secure, and through a process of continuous improvement, it is well positioned to offer the community outstanding family recreation value in an environment of safety and first class customer service.
John Stock
Managing Partner
Recreation Factory Partners |
