Is Your Project Viable? We'll Tell You.

A feasibility study answers a single question: is this project viable? The work combines market demand analysis, comparable facility benchmarking, primary research with the audiences who would use the venue and financial projections to determine whether a project can attract enough demand, operate sustainably and justify the capital investment. The output is typically a recommended building program, operating model and funding pathway — or a clear-eyed view of why the project as conceived won't work. 

A market study answers the demand question: is there an audience for this project, and how big is it? A feasibility study answers a broader set of questions: not just whether demand exists, but whether the project can be programmed, sized, operated and funded in a way that meets that demand sustainably. Most major capital projects need a feasibility study; the market study is one component of it. 

Independent feasibility analysis is most often commissioned at the inflection point between concept and capital — when a vision needs to be validated before serious money gets committed. That includes projects seeking public funding, philanthropic support, board approval, bond financing or tax-supported instruments. Independent feasibility is also valuable at update points: when a prior study needs refreshing because market conditions, comparable facility offerings or construction costs have shifted materially. 

Victus has conducted feasibility studies across professional sports stadiums, college athletics venues, youth and amateur sports complexes, performing arts centers, multi-purpose arenas, ice and aquatic facilities, community recreation centers, mixed-use entertainment districts and sports tourism destinations. The methodology adapts to the project type, but the core questions — demand, comparables, operations, finance — stay the same. 

Feasibility comes down to four tests: whether the market has enough demand to fill the venue, whether comparable facilities have demonstrated the operating model works, whether the recommended program and capacity can be built within available capital and whether the operating pro forma supports long-term sustainability. A project that passes all four is feasible. A project that fails any one of them needs to be rescoped, repositioned or rejected. 

Demand modeling combines demographic analysis of the catchment area, primary research with the audiences who would use the venue and benchmarking against comparable facilities operating in similar markets. For sports tourism projects, the work also includes drive-time analysis and tournament market sizing. For concert and event venues, it includes industry trend analysis and promoter outreach. The approach varies by project type, but the goal is always the same: ground the demand projection in evidence rather than aspiration. 

Primary research is the difference between a desk study and a defensible feasibility analysis. Surveys, interviews and focus groups capture input from the people whose decisions determine whether a project succeeds — donors, season ticket holders, event organizers, regional concert promoters, tournament operators, local businesses and community partners. Without primary research, a feasibility study is built on assumptions; with it, the study is built on evidence. 

A typical Victus engagement runs 12–20 weeks and includes demographic and socioeconomic analysis, industry and market demand research, comparable facility benchmarking, primary research with stakeholders and audiences, building program and operating model recommendations and a financial and funding analysis. Many engagements also include economic and fiscal impact projections, presentation support during board or council reviews and follow-up phasing analysis as project plans evolve. 

Yes. Many of Victus's most active engagements are updates to prior studies — refreshed analyses that account for shifts in the market, comparable facility offerings, construction costs, demographic trends or programming opportunities. Updated feasibility work is typically faster and less expensive than a from-scratch study because the foundational comparable and demographic work can be carried forward and recalibrated rather than rebuilt. 

A defensible feasibility study tells the truth, even when the truth is hard. Sometimes the recommendation is to rescope the project, scale it back, change the operating model, pursue a phased buildout or pause until conditions improve. A feasibility study that says "no" — or "yes, but only if you do these three things differently" — is more valuable than one that rubber-stamps the original vision. Victus's job is to give clients the answer the market provides, not the answer they were hoping for.