|
 |
 |
| |
|
November 7, 2012 |
|
| |
|
|
|
| |
Field of Dreams almost had it right: if you build it, they will come. "It" being entertainment or sports uses being added to the retail mix as anchors. Call it "retail-ertainment." Constellation Field and BBVA Compass Stadium, we’re looking at you. |
| |
 |
We chatted with Sage Group managing director Mike Miller (here surrounded by sports projects he's consulted for around the globe). He tells us over 100 entertainment/sports centers were built in the last few years across the US, impressive considering the economic times. He says since the downturn, consumers want to create memories, not just compile stuff. Plus, an aging America means more leisure time. But most significantly, local governments usually help fund major sports complexes. Even a small venue is a huge economic driver and draws private money to new areas. (EaDo, anyone?) |
|
 |
Sports complexes need lots of space, which typically keeps them out of urban centers where demand already exists. So most go deep into 'burbs and create their own, hoping other users will pay higher land prices to be around the activity, Mike tells us. Take Constellation Field (Skeeters’ stadium, above): Johnson Development has the stadium anchoring its 700-acre master-planned community and is counting on ensuing demand to fill the remaining 315 acres. Mike tells us that model usually works. For example, retail occupancy in Frisco was around 50% before Dr. Pepper Ballpark was built in ‘03. Since, it’s jumped to over 95% and has some of the most caffeinated strongest fundamentals in the metro. |
|
 |
The trick is to make the stadium multi-use—BBVA Compass Stadium is home to the Dynamo and TCU and serves as a concert venue in between. That’s particularly effective in warm-weather markets like Texas. Or you can veer away from sports altogether: The same trend holds true for entertainment centers like Dave & Busters, Lego Discovery Center, or movie theatres. Mike says there's one problem with this trend, though: The Astrodome question. Entertainment centers have specific designs, so what happens to these facilities if the original user leaves? |
|
| SOFTBALL HEROES |
| |
 |
Speaking of sports, the Houston Sportsplex Architect & Engineering League recently held its softball championship tourney. Above, PBK shared this picture of its team after learning it advanced to the playoffs. Sadly, it was eliminated the next day. Hey, not every story can be Rudy. |
|
 |
Beating out 20 other teams, the grand champions this year were the Jones-White Outkasts. We’re wondering, was it a requirement to have one child on each team? |
|
| GREAT CAUSES |
| |
 |
Each year, Post Properties closes its offices nationwide to allow its employees to participate in a Post HOPE Work Day of Service. On Oct. 18, 25 Houston associates hit up the Houston Zoo to clean, landscape, and decorate for an upcoming event. Post is known for its charitable foundation: Most impressively, it looks like no one tried to sneak a monkey home. |
|
| Upcoming Bisnow Events! |
| |
Friday, Nov. 16, 7-10:30am, 3rd Annual Houston Multifamily Summit. Hear the pros break down the state of the Houston multifamily market. Register here.
Monday-Tuesday, Nov. 19-20, Washington, DC, (National Event) Bisnow Multifamily Annual Conference (BMAC). We will convene more than 500 investors, developers, owners, managers, lenders, and professional services in the multifamily space. Register here. |
| |
| "Clothes make the man. Naked people have little or no influence on society." -Mark Twain. Email Catie Dixon, catie@bisnow.com. |
|
| |
|
| |
|
|
|
|
|
| |
This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2012, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved. |
|
|