Developer’s Vision: Pro Football Hall of Fame Village
Pro football fans, pack your bags for a trip to Ohio and a destination like none other … in 2019, that is.
This sports fan was eager to see that the Pro Football Hall of Fame has shared its master plan for what some are calling a Disney destination-like $476 million development. The plan greatly expands the current museum and stadium campus into the “Hall of Fame Village” – a mixed-use, multi-phase project that will include a four-star hotel, a 35,000-square-foot conference center, thematic restaurants, youth playing fields and retail.
Want to experience the NFL firsthand? An interactive, themed fan experience exhibition hall is in the works, too.
Notably, Bloomberg says “Legends Landing” will offer 150 condominiums or apartments for retired National Football League players.
The Wall Street Journal reports that assembling financing is underway, with the Hall of Fame putting up $32 million. The article says that the project’s master developer, Los Angeles-based Industrial Realty Group LLC, expects that it and other partners will contribute equity of up to $100 million and raise other money through debt. It aims for the first phase to be completed by 2019.
Sports complexes has long been recognized as profitable catalysts for neighborhood revitalization and it is interesting to see this trend carry over into sports museums. The development’s added attractions are expected to heighten attendance, yielding billions to the county and state economies. Crain’s Cleveland Business says $15.3 billion in total economic output is expected over the next 25 years, with nearly 14,000 jobs created.
Chris Ware is Vice President, Business Development at NAIOP.
[…] is the result of a 2015 partnership between Stuart Lichter’s IRG and the PFHOF. Initially the project was supposed to be completed by […]