Over the last several years, sports teams across the country have spent big money developing real estate around their stadiums with the goal to attract visitors — and their money — for more than just games.
While the coronavirus pandemic has halted large spectator sports events across the world, sports franchise owners are staying the course with their multimillion dollar investments, according to the Wall Street Journal.
The St. Louis Cardinals and Cordish Co. are preparing to open an apartment tower just outside Busch Stadium as part of its 850,000-square-foot Ballpark Village district, which includes office space and restaurants as well.
“It is a revenue and an economic opportunity, but it’s kind of a long-term one. These are big investments,” said Cardinals chairman Bill DeWitt.
In April even as coronavirus cases rose nationally, the St. Paul-based Minnesota United soccer team announced plans to add a pair of apartment towers outside its recently opened Allianz Field stadium as part of a wider redevelopment plan of 35 acres there.
In late June, the owners of the Los Angeles Angels announced an ambitious 30-year redevelopment plan for the 135 acres of parking lots surrounding the team’s Anaheim stadium.
The project could add 2.7 million square feet of office space, 1.1 million square feet of restaurants and retail, and more than 5,000 residential units. The Angels project likely won’t break ground until 2025 so wouldn’t be impacted by any coronavirus-related closures. Well, hopefully. [WSJ] — Dennis Lynch