Real Estate
Home›Real Estate›Industry›MLB teams weigh new stadiums as venues shift to mixed-…
MLB teams weigh new stadiums as venues shift to mixed-use districts
JLL data cited by ConnectCRE points to large off-season attendance upside, including the potential for millions of additional visits if spring facilities are used more throughout the year.
Sport venues are increasingly being repositioned from single purpose game day sites into year round mixed use districts, a shift described in a ConnectCRE roundup that cites research from JLL.
The outlet said JLL estimates that at least half of Major League Baseball organizations are looking at a new stadium or major redevelopment by 2040, driven by the goal of building diversified revenue streams rather than relying on event driven performance.
ConnectCRE highlighted JLLs example of The Battery Atlanta, a 60-acre mixed-use project that includes a stadium and concert venue, more than one million square feet of commercial space, 500 multifamily units, and a 406 key Omni Hotel.
According to the report cited by ConnectCRE, the residential component at The Battery Atlanta shows 1.7% higher occupancy than the submarket, while office and retail are near full occupancy, and JLL also said that improving off-season utilization by as little as 10% across spring training centers could generate about 2 million visits, with year round activation potentially adding as many as 7 million more.