Proposal for south Strip arena hinges on financing

The inspiration for Texas businessman Chris Milam’s plans to buy the Las Vegas 51s and build a multisport athletic venue at the south end of the Strip can be found in his relationship with baseball Hall of Famer Nolan Ryan.

Milam met the legendary pitcher along with Ryan’s sons, Reid and Reese, while negotiating a loan to purchase a helicopter with money from the family’s Texas bank. Milam, who reportedly earned much of his money developing retail malls and office space in Eastern Europe following the collapse of the Soviet Union, had since returned to Austin and was seeking another business venture.

He was intrigued by the success of the Ryans’ Round Rock Express baseball franchise which, like the 51s, is a member of the Triple-A Pacific Coast League. During the past five years, the Express, named for Nolan Ryan’s legendary fastball, have become one of the most popular draws in minor league ball, playing in a stadium with luxury suites, chairs with seat backs and cup holders, a swimming pool, and LED video board. All are standard fare for the newest major league ballparks but unusual for the minors.

Milam looked to the success of the team, which draws better than most minor league baseball franchises, and decided to make a similar play in Las Vegas. He has put down an undisclosed deposit to purchase the 51s and is working with Wall Street investment bankers Goldman Sachs and Morgan Stanley to raise money to build his planned $1.95 billion professional sports complex just south of Mandalay Bay.

The 51s sale, which could be completed as early as this summer, would be one of several pieces to the development. It would include a 9,500-seat ballpark for the 51s; a 36,000-seat stadium for professional soccer; and a 17,500-seat arena that is being positioned as a future home for the National Finals Rodeo and the Professional Bull Riders finals, which are nearing the end of their contracts with the aging Thomas & Mack Center.

Sources close to Milam, who did not return phone messages seeking comment, say he is negotiating with 12 banks that own the 63-acre vacant site. The land broker is CB Richard Ellis. “They have agreed upon a price, and money has been put down,” a source said of the south Strip site. But the deal could fall apart if adequate financing is not raised.

Goldman Sachs Managing Director Greg Carey is spearheading Milam’s efforts to raise private equity to fund much of the project. Carey, considered one of the leading financiers of sports stadium and arena projects, joined the investment banking firm in 2004 after working at Citigroup, where he raised $552 million in financing for the Capital Beltway toll road project, which is two-thirds complete. Carey did not return a phone message.

Badge of Iron: Bee Cave officer cuffs half-Ironman competition ...

Bee Cave Police Senior Sgt. William Pitmon is shooting doughnut holes in the stereotype that police officers are unfit and overweight.

Pitmon, a four-year Bee Cave PD officer, competed in his first half-Ironman triathlon a few weeks ago as part of a mission to get fit and motivate others to reconsider their dietary and exercise regimen.

“Police officers have a bad rap for being out of shape and eating bad food,” he said. “This event is partially one of those things I use to say, ‘Hey, we’re not sitting in the doughnut shop.’”

Pitmon wasn’t always the model example for peace officers to follow.

After serving in the U.S. Army in 1994, he tired of exercise and had a difficult time controlling his eating habits he ballooned to a weight that one day he couldn’t accept.

“I’m just trying to lead by example,” Pitmon said. “On my off days, I’m training.”

He isn’t the type to sit still for very long.

Between criminal justice courses at Austin Community College and duties as a husband, he can be found running on Town Lake trails in Austin and in long-distance races.

Pitmon signed up to run the full San Antonio Rock & Roll Marathon in November 2009 on a bet. Eight weeks out from the competition, he started training.

“I did it and finished. That gave me the confidence to do more races. I never thought that I could do a full marathon,” Pitmon said.

His “rock & roll” running tour kicked off in 2010 with a half-marathon in Phoenix in January and another in Dallas in March. He also returned to the San Antonio marathon that fall to run the full course.

Concerns over his 38-year-old knees and his then-240 pounds motivated him to explore other competitions.

A friend suggested sprint triathlons, and Pitmon got a bicycle and hit the Fitzhugh Loop near his house in Dripping Springs.

Despite not having been on a bike since he was a boy, Pitmon hatched the plan to take his journey one level higher with Ironman triathlons.

To him it made perfect sense, but the former U.S. Army infantryman, Denton County SWAT team member and U.S. Marshal deputy didn’t dive into Ironman competitions without some preparation first.

“I wouldn’t recommend anyone jump off the couch and go do an Ironman, but you can work it into your schedule,” he said.

Pitmon would train on the two days he had off one week and then the five days he had off the following week to make the most of his changing schedule.

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