Luxe hotels, restaurants, condos and offices are now being developed in conjunction with sports stadiums. JLL Real Views explores why it works for developers and fans alike.
The thriving neighborhood next to Atlanta’s SunTrust Park, dubbed The Battery, is reaping rewards for investors and the community alike. Since opening in March 2017, the new ballpark and mixed-use development have brought in $19 million of tax revenue, according to a study by Georgia Tech’s Center for Economic Development Research.
Atlanta is one of several U.S. cities where a sports stadium is fostering real estate development in the surrounding neighborhood. League owners and real estate developers are seeing the opportunity to tap into the energy surrounding ballparks and other stadiums to create thriving mini-neighborhoods with mixed use developments, as opposed to the standalone stadiums of yesteryear.
“The Braves’ vision is one that many teams share: a world-class ballpark surrounded by a true ‘live-work-play’ village,” says Don Loudermilk, Senior Vice President, Sports Facilities, JLL Project and Development Services. “The Braves were first to pull this off at so large a scale, and that’s helped prove to other teams that a dynamic neighborhood can be a game-changer when it comes to ticket sales and overall fan experience.”
Click here to learn how sports stadiums are increasingly becoming the centerpieces of mini-neighborhoods.