Evolution of Sports-Anchored Development

Not all sports-anchored mixed-use districts are the same – different market contexts, different sponsors, and different goals have led to a variety of approaches to the mixed-use component. RCLCO created a framework to describe how sports-anchored mixed-use districts have evolved over the past few decades from stand-alone entertainment concepts to master-planned mixed-use districts. As we discovered in RCLCO’s Sports Venue-Anchored Development Tracker, released in March 2024, real estate projects leveraging sports venues as a catalyst for mixed-use development started gradually and has exploded over the past decade with even more to come.

Key Takeaways:

• We categorize today’s best-in-class venue-anchored mixed-use projects as “Version 3.0” in their evolution. Most pipeline projects also reflect similar characteristics.
• Districts’ size and complexity have evolved in concert with the venue finance climate and league revenue sharing expectations.
• District evolution has been more circular than linear. In many cases, Version 3.0 mixed-use districts reinvent elements of version 1.0 projects in a more modern context.
• Looking at what’s next, RCLCO is watching some pipeline projects that likely include redevelopment or expansion of Version 1.0 projects accompanying major venue reinvestments into existing facilities. Will they fundamentally look like Version 3.0 projects or introduce the next evolution in mixed-use districts?