Plans call for the initial phase of the project, including the domed stadium, to be ready in 2029. The Browns named Lincoln Property Company as development partner.
CLEVELAND — The Browns have revealed more details about their vision for the area surrounding their proposed domed stadium to be located in Brook Park, adjacent to Cleveland Hopkins International Airport.
The Haslam Sports Group, which owns the Browns, announced on Tuesday that Lincoln Property Company will serve as the development partner for the planned 176-acre entertainment district. The site will include a 67,000-seat enclosed stadium, along with 300,000 square feet of retail, two upscale hotels, 1,100 apartments, and 500,000 square feet of office.
Plans call for the initial phase of the project to be ready in 2029, the year after the Browns’ current lease at Huntington Bank Field in downtown Cleveland expires. In that first phase, officials say there will be “450 hotel rooms; 575 apartments; 96,000 square feet of traditional retail, suited for unique food & beverage and shopping destinations; and 137,000 square feet of experiential retail, which will include a team store, and other experience-based retail concepts that will drive year-round activation and community involvement.”
The Browns released new renderings of the entertainment district from their partner architecture firm HKS. You can see them below.
PHOTOS: Proposed entertainment district adjacent to Cleveland Browns domed stadium in Brook Park
In a release, the Haslam Sports Group and Lincoln Property Company say the mixed-use development “is expected to generate $1.2 billion annually, while creating over 3,300 permanent jobs for the region.”
Last week, the Browns revealed the results of a study done by RCLCO, a real estate consulting group, that projected an annual economic impact of $1.2 billion for Cuyahoga County. This reportedly includes $550 million from surrounding mixed-use facilities and $217 million from events hosted at the dome.
Additionally, nearly 5,400 permanent jobs are expected to be created, with roles spread across the stadium, adjacent businesses and services supporting visitors.
Previously, the city of Cleveland released a report from EConsult Solutions that broke down the possible economic and fiscal impacts of the Browns leaving downtown. That report outlined substantial potential losses for the city of Cleveland, including an estimated annual loss of at least $30 million in economic output and approximately $11 million in tax revenue. RCLCO noted that the city could offset these losses by eliminating expenses for maintaining and operating the current stadium under its lease agreement with the Browns.
THE COST
The Haslam Sports Group previously stated its intention to pay $1.2 billion of the $2.4 billion estimated price tag for the facility, which did not include another $1 billion for the entertainment district surrounding the stadium. The other $1.2 billion would come via public funds.
“As demonstrated in other markets, a project of this magnitude only realistically works through a public-private partnership. We have approached this as a 50-50 partnership on the stadium, excluding cost overruns, which we would cover,” Haslam Sports Group CEO Dave Jenkins explained earlier this year, adding that the “proposed $1.2 billion+ private investment in the stadium is unprecedented and would be the largest private per capita stadium investment ever in this country.”