In this article we take a look at the new trend of sports stadiums being used for mixed-use development and what goes along with this trend. In 2020, the most expensive sporting event stadium will be built in Inglewood, California. The stadium is expected to have a 70,240 stadium on approximately 60 acres. The stadium will be home to two NFL teams, the LA Rams and the LA Chargers.
This huge stadium is considered a mixed-use development property because it will also host mega events. For example, the stadium will be able to host parts of the Olympics that are taking place in LA and it’ll be expandable to 100,000 seats. It will also anchor the Los Angeles Stadium and Entertainment District (LASED). This connection will be a revitalization of the long-standing Hollywood Park racetrack.
The cost of the district is estimated to be around $5 billion. Plans for the 890,000 square foot district include retail space along with about 780,000 square feet of office space. In addition, there’s expected to be 300 hotel rooms and approximately 2,500 residences. In addition to all of these properties, there’ll be a performing arts venue, television studio, restaurants, and public parks, all connected to one another through this development project.
As price tags for sports palaces continue to escalate, it’ll be more difficult to gather together the funds to cover the costs. In order to meet financial goals, team owners and municipal partners will be raising their bets on the sports venues as catalysts to generating new revenue streams. This particular stadium is envisioned as becoming an integral part of the community’s economic vitality. The Los Angeles stadium will be setting a high bar, that is yet to be tested.
However, there are some recent examples where sports-anchored mixed-use developments have manifested successfully, such as The Battery Atlanta in Georgia. There’s also the Arlington Entertainment District in Texas, which shows mixed-use development properties with sports stadiums can succeed. It is noted the key to success lies in the assembling of the right combination of architecture types and activities that appeal to the community and tourists.
As popularity gains with mixed-use developments, other cities across the country are looking into creating the same experience. As the concept of mixed-use development continues to evolve, projects in Southern California are pondering the idea of incorporating venues for extreme games and eSports. There’s a belief that mixed-used sports complexes will offer more in-venue access to nightclubs and the hospitality industry. This mixed-used development will essentially blur the lines between the indoor and outdoor arena or stadium.