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Atlanta Braves bank on mixed-use plans
Published November 18, 2013, Page 1
Such ancillary projects have quickly become important in baseball, with recent examples including the St. Louis Cardinals’ long-delayed Ballpark Village in St. Louis and announcements of the San Francisco Giants’ planned Mission Rock development near AT&T Park and the involvement of Washington Nationals owner Ted Lerner in real estate developments around Nationals Park.
|The Cobb County site where the club plans to build.
The Braves’ Cobb County development will incorporate about 1 million total square feet of residential, office space, retail, restaurants, green space and a hotel. The team has not disclosed costs.
Also part of the plan is a small amphitheater that takes advantage of the natural undulation of the ballpark site. The club intends to name a development partner to manage the mixed-use work early next year, Schiller said.
“Not only is this project going to have that mixed-use development, but we intend for a substantial portion of that to be open in 2017 in concert with the arrival of the ballpark itself,” Schiller said.
It’s a bold statement, considering that other teams, namely the Cardinals, said the same thing only to see those projects take years to develop after sports venues open their doors. Ballpark Village is still coming out of the ground eight seasons after new Busch Stadium opened.
Despite the misses that have come with the hits, though, teams keep pitching these deals, and there’s a key reason why: Mixed-use developments can spin off additional dollars not subject to league revenue sharing. They also help create a daylong destination for fans attending the games.
Braves executives said for at least the immediate future, the club’s operating budget and payroll will be firewalled from the real estate efforts.
“Our baseball operation needs to operate on the stadium itself and related revenue,” Schiller said. “The mixed-use development, not now anyway, is not integrated with the team from a business standpoint. We’ve run the team as a disciplined operation and that does not change with the new stadium.”
The Cardinals have echoed similar sentiments with Ballpark Village, saying its large upfront investment with partner Cordish Co. has yet to be recouped, according to Cardinals President Bill DeWitt III.
The project’s $100 million first phase, including restaurants, a club hall of fame and museum, and concert and event space, will open next spring. “I’m sure [the Braves] will be looking hard at how we do next year,” DeWitt said.
|The Braves talked to Atlanta about redeveloping property near Turner Field.
The Braves struck a deal with Cobb County officials and settled on a 60-acre greenfield site in an unincorporated part of town that still has a city of Atlanta address. It runs counter to a quarter-century ballpark development trend toward urban locales. But club officials insisted they saw the move as not necessarily the beginning of a bigger trend, even as numerous facilities beyond Turner Field built in the mid-1990s are approaching the end of their lease terms.
“I don’t think there’s a broader statement with regard to stadium location or anything like that,” Schiller said. “This is very specific to Greater Atlanta and the dynamics of Atlanta.”
In San Diego, investment in the Gaslamp District development around Petco Park has grown to $4 billion, nine years after two hotels and four residential towers opened at the same time the stadium did in 2004, said Erik Judson, a principal with JMI Sports involved with the Padres’ project.
“Ours was more organic, but the ballpark changed the whole dynamic for people investing in the area,” Judson said.
The development has been successful because of its location in the urban core of San Diego. Turner Field, by comparison, sits at the edge of downtown Atlanta, disconnected from the heart of the city encompassing the Georgia Dome and Philips Arena, Judson said.
“It’s not like they had an urban park before, even though it’s close to downtown,” he said. “They must feel the draw of significant economic development and new development is much greater [in Cobb County] than around Turner Field.”