National Velodrome Center Names New Developers

FOR IMMEDIATE RELEASE 

 

National Velodrome Center Names New Developers

Seasoned Executives Brought on to Drive Coatesville Project

 

Coatesville, PA, November 23, 2011: National Velodrome Center, LP and Velodrome Management Group, LLC announced today that Michael D. Bailkin of Unionville, PA and Keith Coe of Wayne, PA will become lead developers of the National Velodrome Center, the world class velodrome and multi-purpose event center being planned for Coatesville.

 

Mr. Bailkin is Chairman of Arete Development Group, a company that focuses on large scale urban development projects by identifying underutilized property and preparing redevelopment Master Plans and financing them with economic development incentives combined with private equity investment. Mr. Bailkin was also founder and Managing Partner of Stadtmauer Bailkin LLP, which was merged into the national law firm of AkermanSenterfitt, where Mr. Bailkin now acts as Managing Principal of Akerman Urban Strategies, a subsidiary set up to plan and implement "transformational" urban projects. In these roles, Mr. Bailkin and his team have been responsible for over $3.5 billion of Incentives and for some of the largest and most complex rezonings in the country.

Mr. Coe is Chief Executive Officer of VF Hotels, a hospitality organization that develops and manages a nationwide portfolio of hotels and related facilities in the lodging industry. Mr. Coe  is responsible for all aspects of property and project development and acquisition— including site selection, feasibility studies, development incentives, municipal approvals, branding, equity placement and debt financing. Prior to joining Valley Forge Investment Corporation in 1999, Mr. Coe was Senior Vice President and General Counsel for Omni Hotels. Prior to that position, Mr. Coe served as the General Counsel for Red Lion Hotels and Inns.

According to David Chauner, initiator of the velodrome project and president of Velodrome Management Group that will operate the facility, “Long before the gun goes off for the first bike race, the project needs experienced, seasoned property developers who understand the Coatesville environment, innovative building design, the facility’s multi-use requirements and how those elements are essential to raising capital and ensuring financial sustainability.  Both Michael and Keith have this experience and will guide the project to completion.”

 

Crosby Wood, a co-founder of the project with Chauner, will step aside to concentrate on New Heritage Properties which buys and sells residential properties in Coatesville.

 

National Velodrome Center, LP is expected to enter into an agreement of sale with the Coatesville Redevelopment Authority for the 22 acre Coatesville site known as the Flats prior to year end with anticipated project completion within two years. Anchored by the only world class indoor velodrome on the East Coast, the 2,500 seat multi-purpose arena is designed to host a year round program of international cycling competition and youth development programs along with many other special events such as concerts and non-cycling sporting and entertainment events.

 

According to Gary Smith, CEO of the Chester County Economic Development Council, an important backer of the project, “The National Velodrome Center will be a unique and much needed facility for Chester County and a major catalyst in the redevelopment of Coatesville.  Bringing on two seasoned developers with solid credentials is an important step.  Their experience and enthusiastic commitment to the project reinforces its potential and will be a key ingredient in its success.”

 

 

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