Welcome to commercial real estate like a girl, where we get the woman’s perspective on commercial real estate
Come on beauty it’s time to beast
I’m Danesha and today we’re talking about the new sports arena in Georgia and Land Development
Construction is underway on a $128 million sports coliseum in Athens, Georgia,
the latest in a string of new arena developments nationwide.
According to www.costar.com Classic City Arena, located in downtown Athens, will have 5,500 permanent seats and 3,000 temporary seats according to a statement. It will host a minor league ice hockey team, a college hockey team, and national concert tours.
Local officials say the facility won’t compete with or replace the University of Georgia’s 10,500-seat Stegeman Coliseum, an on-campus arena that serves as the home of the school’s basketball and gymnastics teams.
Athens is located about 70 miles east of Atlanta. New arenas are popping up nationwide as local governments look to bolster economic development. New or renovated facilities have recently opened in Austin, Texas; Long Island, New York; and Seattle.
MSG Sphere at the Venetian, a 17,500-seat venue near the Las Vegas Strip, is scheduled to open next year. A separate $3 billion project in Las Vegas could include two new arenas. The new Athens arena, located at 775 E. Broad St. next to the existing
Classic Center convention facility, will be financed with $33 million in local-option sales tax revenue, $75 million from revenue bonds, and $20 million from unnamed private investors.
The consolidated government of Athens and Clarke County, Georgia, will own and operate the facility, scheduled for completion in November 2023. Oak View Group, based in Los Angeles, is the lead developer. JE Dunn is the general contractor. Perkins
& Will and Smallwood are project architects.
The word of the day is:
As people are attracted to an area, the land becomes more useful and, thus, more valuable. An influx of people may result from manufacturing growth, extraction of natural resources, a recreational area, or a favorable location for commerce.
Whatever the cause, the direct result of more people is a demand for more buildings— to live in, to play in, to work in, and to use for storage. (There goes that storage thing again)
Land in a growing area increases in value because of its location, which, in turn, dictates its use. These uses develop into zoning laws, though one major city—Houston—exists without zoning. (The craziest thing ever) Its development is a function
of economic agglomeration, with warehousing, port facilities, shopping (as with the Galleria area in Houston)
all deriving from the original attractiveness for a specific use of the land in a specific area of town, independent of zoning laws.
To me, things look better when they’re organized but hey who am I right? If it works for then rock on!
Check out my podcast on this topic