76ers, Devils Owner And CAA Back New Sports Real Estate Firm
The ownership group behind the Philadelphia 76ers and the New Jersey Devils has partnered with Creative Artists Agency to help fund a new real estate development firm focused on sports venues.
Harris Blitzer Sports & Entertainment and CAA are backing a new firm called Sports and Entertainment Real Estate Global Holdings, or Seregh, according to Bloomberg.
Former HBSE Real Estate CEO Jonathan Fascitelli, who will lead the new firm, said talks are underway with more than two dozen sports teams across the nation, the outlet reported. The new firm aims to work on more than $100B in projects in the U.S. and abroad over the next 15 years.
“Team owners and venue owners know there’s an opportunity to monetize real estate around venues but are often ill-equipped to do so,” Fascitelli told Bloomberg.
Fascitelli was involved in the restoration of the Loew's Jersey Theatre in Jersey City and the management of Central Park’s Wollman Rink via a joint venture with Related Cos. and Equinox. Most recently, he helped shape the proposal to build a new arena for the Philadelphia 76ers in the heart of the city dubbed 76 Place. The controversial $1.5B, 18,500-seat project awaits city approval to move forward after heavy community backlash.
His work “has been critical,” said David Adelman, chairman of 76 DevCo, the developer behind the Philadelphia arena project.
Seregh’s clientele will include professional basketball, football, hockey and baseball teams, as well as men's and women's soccer leagues.
Fascitelli estimates that more than 30 teams in the U.S. are weighing how to revamp, build new or move their stadiums, according to a release. The count excludes other possibilities like practice facilities or specially built arenas for college or women’s sports.
Seregh hopes to tap into the opportunity for between $1B and $3B in mixed-use development near sports venues, along with restoration, renovation and relocation services for teams.
A star-studded cast of arena experts is set for the Seregh advisory board.
CAA co-head Michael “Vino” Levine, real estate executive Mitchell Schear, Madison Square Garden Sports Corp. Board Member Joseph Cohen, Colorado-focused Kroenke Sports and Entertainment President Kevin Demoff and Delaware North Chief Operating Officer Amy Latimer will be on the board.
As the former president of TD Garden in Boston, home to the Celtics and Bruins, Latimer led a similar project to the one the Sixers have proposed in Philadelphia. The Hub on Causeway opened in 2019 and now includes residential, hotel and retail development alongside the sports arena.
“We understand how beneficial a partner like Seregh will be for teams and venue operators who embark on initiatives of this scale,” Latimer told Bloomberg.
