Cleveland Browns Stadium
Opened in 1999 and renovated in 2014-15, the 67,431-seat, open-air stadium is home to the Cleveland Browns and hosts concerts, international soccer games and more. When the Browns’ 30-year lease with the city expires after the 2028 season, the Haslam Sports Group hopes to secure upward of $500 million in public and private financing to renovate the stadium and develop the city-owned land surrounding it. Principal owners Jimmy and Dee Haslam said the Browns “won’t leave Northeast Ohio,” which infers that the team could head to the suburbs if a deal isn’t made soon.
Rocket Mortgage FieldHouse
The 19,432-seat concert arena and home of the Cleveland Cavaliers and AHL franchise Cleveland Monsters opened in 1994 but was just renovated in 2018 and 2019. The Cavs’ lease was extended by seven years to 2034 with two five-year renewal options. Some real estate insiders speculate that Dan Gilbert, owner of the Cavs and Rock Ventures, is already thinking ahead to 2034 and that he could seek a replacement to what would by then be a 40-year-old arena. Another Rock Venture company, Bedrock Real Estate, bought 3 acres of land just north of the arena earlier this year for future development.
Opened in 1994, the 34,830-seat outdoor ballpark is under a two-year renovation that started in October and costs $202 million. A recently signed 15-year lease began after the 2023 season and includes two optional five-year extensions. After that, could the stadium move? It’s not likely, with minority owner David Blitzer expected to acquire Larry Dolan’s majority stake in 2026, plus there’s future development of a ballpark village reportedly planned. (The Guardians have even acquired two properties, including the Gateway East Garage, totaling 3.8 acres just north of Progressive Field.)
The Bert L. and Iris S. Wolstein Center
Opened in 1991, the 13,610-seat home of Cleveland State University basketball is not long for this world. Earlier this year, CSU announced a campus redevelopment masterplan that includes new housing, retail and campus buildings. By the end of 2023, officials hope to select a development team, financing plan and a proposal for a new multi-purpose, 5,000-seat indoor arena on Payne Avenue just east of Downtown. The Wolstein Center will be demolished for CSU’s planned Partnership District, mixing research and development activities in cooperation with private enterprise.
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