Levi's Stadium Creates Boom In Development Of Nearby Retail Centers, Office Space
Levi's Stadium has "spurred a burst of nearby growth as developers position projects that they hope will bask in the glow of the 49ers' new home," according to George Avalos of the OAKLAND TRIBUNE. The "highest-profile projects are two mixed-use developments adjacent to the stadium," and roughly $3B worth of "office buildings, retail centers, hotels and residences are under construction or on the drawing boards in the vicinity of the stadium." Much like the China Basin district of S.F. was "transformed after the Giants began playing baseball at what is now known as AT&T Park, local officials hope Levi's Stadium will anchor a bustling zone of restaurants, cocktail lounges, residential units, office buildings and tech companies." Santa Clara-based brokerage firm Cornish & Carey Commercial Exec VP Phil Mahoney said, "I personally have experienced with tenants that they think being near stadiums like this one is kind of cool" (OAKLAND TRIBUNE, 5/19).
TOO GOOD TO PASS UP: In San Jose, Jon Wilner wrote of Levi's Stadium hosting the Pac-12 championship football game, "It was too good a venue ... too grand a stage ... to pass up given how valuable the title game is to the conference's TV package and relationship with sponsors." Everyone "associated with the conference, from ESPN and Fox to sponsors to fans, knows where and when the game will be played." Pac-12 Commissioner Larry Scott "could never have sold it to the presidents were it a money-losing proposition." Wilner guessed the deal with the 49ers and increased revenue from sponsors "will add" $1M per school per year. But with "all that said, the league was smart to limit the deal to three years," as the Bay Area is "not ravenous for college football, even a league title game -- and that's especially true on Friday nights after the stadium has been around for a few years and played host to other college games." The Pac-12 after the '16 game will "reassess and possibly decide to return to the home-hosting model" (MERCURYNEWS.com, 5/19).
TRANSFER STATION: The Santa Clara Stadium Authority has partnered with STR Marketplace to provide a service to help fans buy and sell Levi's Stadium Builder Licenses. SBL owners also will be able to process all ownership transfers through the Official Levi's Stadium SBL Marketplace (THE DAILY).