Sports Business Journal: Increased Sophistication is Leading to New Mixed-Use Development Business Models, Energizing Teams, their Fan Bases and Tenants
May 29, 2023
The sports industry has embraced the concept of surrounding venues with mixed-use development. These multi-million dollar projects have been extremely profitable for various sports clubs including the Atlanta Braves, which had a 104% overall revenue increase over the past year thanks to its mixed-use development, The Battery Atlanta. The industry, however, must consider community needs and address key concerns when putting development plans together. “It’s just a much more sophisticated way of trying to head off one of the major obstacles to these transactions in advance,” said Peter Breckheimer, a partner at O’Melveny. “It works to everyone’s benefit to do that. That’s been a lesson learned over time.” Liz Dubeck, also a partner at O’Melveny, noted that the public funding of sports venue projects has “really become the first question over the last 10 years ... People really want to say they don't need to use public funds.”
Read the full article here.