RCLCO to conduct stadium-linked mixed-use development study in Brook Park

RCLCO’s third finding emphasized that while the Browns would be moving to Brook Park, the new domed stadium would also provide significant benefits to downtown Cleveland and the city of Cleveland as a whole. The increase in events would lead to an increase in visitors to Northeast Ohio – many of whom would come to downtown Cleveland to stay and eat.

Total annual spending at downtown bars, restaurants and hotels is expected to increase by about $11 million compared to what is generated by activity at Huntington Bank Field today. The data suggests that 40 percent or more of visitors come from out of state and the need for hospitality infrastructure for these games and events would extend to downtown Cleveland.

“When we look at this type of domed facility and the adjacent mixed-use facility, this type of venue is truly unique in the region and we assume that based on what we have heard about some of the concerts and other non-NFL events -Events know, “Today’s event at the Browns’ Stadium shows that at least 40 percent of the visitors already come from abroad,” said Talkington. “So we really expect this trend to continue. This is an opportunity to bring more money into the area and attract new visitors who are likely to stay overnight and spend money.”

“If you look at the Brook Park area and what can be accommodated on the site, at the end of the day it’s estimated that you’ll only have 400 or 500 hotel rooms,” Talkington continued. “To accommodate the visitors.” Depending on how they come here and what their preferences are, downtown Cleveland will need to accommodate many of those visitors. And when we look at the specific expenses that are incurred today at NFL games downtown, as well as the future expenses that may arise from the Brook Park games and the large events that we’re talking about, we actually believe that The downtown area benefits on the order of $10 to $12 million per year.”

The move to Brook Park also creates an opportunity for lakefront redevelopment and, in the long term, provides greater regional opportunity for impactful year-round use. Relocating the stadium from the lakefront will build on downtown’s renewed momentum for lakefront development, driven by Cleveland Mayor Justin Bibb’s strong commitment, the over $80 million in state and federal infrastructure grants already secured, and the new Lakeshore Authority, which will drive the development process.

The stadium site has up to 2.0 million square feet available over time for a transformative mixed-use development that would generate hundreds of millions of dollars in tax revenue for the city of Cleveland.

These three key results, with additional information about each result, show the path to success at Brook Park and the positive economic impact a domed stadium would have in Northeast Ohio.

“Over the past 24 months, we have worked closely with RCLCO, a nationally renowned real estate consulting firm, to assist us in our future stadium planning process,” Dave Jenkins, chief operating officer of Haslam Sports Group, said in a statement. “Their expertise in analyzing job creation, event attractiveness and office/retail needs associated with real estate developments anchored by sports venues supported three key conclusions that underscore why a new enclosed stadium at Huntington Bank Field in Brook Park will have a transformative impact on the Northeast Ohio region and Greater Cleveland.

1. The new enclosed stadium, with numerous premier events and year-round operations, will have a significant economic impact on all of Northeast Ohio, including downtown Cleveland, in a way that is not currently the case. Such events attract new visitors without cannibalizing existing venues.
2. The mixed-use development, connected to the new enclosed stadium at Brook Park, will successfully attract new and unique visitors to the area in experiential retail spaces, multifamily housing, office space and much-needed hotel accommodations.
3. The lakefront can be redeveloped and redeveloped without stadium intervention, creating new sources of economic impact in Cleveland.

“We are pleased to share the key findings of this study with you to further illustrate why we strongly believe that a new enclosed stadium and adjacent mixed-use development at Brook Park is the best long-term solution for our fans and how it will change our region.”