A senior living facility on the Pro Football Hall of Fame campus in Canton, OH, may be one step closer to fruition with the news that the Johnson Controls Hall of Fame Village project is expected to receive an infusion of capital through a planned merger between an affiliate of HOF Village LLC and Gordon Pointe Acquisition Corp. (GPAQ), a special purpose acquisition company.
The component’s future is not certain, however.
If the merger is completed, Pro Football Hall of Fame President and CEO David Baker would be chairman of the board of the newly merged public company, and GPAQ Chairman and CEO James J. Dolan would be the vice chairman and lead director.
“This is a singular investment opportunity to participate in the popularity and growth of one of the most powerful brands in sports,” Dolan said in an announcement.
The Johnson Controls Hall of Fame Village would continue to be led by CEO Mike Crawford.
The transaction is expected to close in the fourth quarter. Terms call for a subsidiary of HOF Village LLC to merge into a wholly owned subsidiary of GPAQ in exchange for GPAQ common stock.
A 2017 announcement predicted that the senior living component of the complex would open in 2020, but the entire project’s timeline has shifted, and a recent news release indicates that such a facility “possibly” will be part of the project.
The first phase of Johnson Controls Hall of Fame Village — involving approximately $250 million of capital — resulted in the construction of a football stadium, a youth sports complex and infrastructure to support additional expansion plans.
HOF Village LLC anticipates beginning work on the next phase of the project — potentially including two hotels, an indoor waterpark, an office complex, a convention center / field house and a retail promenade — by the end of this year, with all components fully operational by the end of 2022.
When much of that expansion is completed, officials said the next phase will include a virtual reality attraction, another hotel, an arena and “possibly multifamily housing and an independent and assisted living facility targeting Pro Football Hall of Famers, other former NFL players and their families.” Specific timing for that phase has not been announced.
GPAQ raised $125 million in its initial public offering in January 2018.