Dallas-Based Developer Lands $1B Entertainment Complex Tied To New Cleveland Browns Stadium
Lincoln Property Co. is joining the Dawg Pound and partnering with the Cleveland Browns on a 176-acre mixed-use entertainment district to be anchored by a new enclosed stadium for the 80-year-old NFL franchise owned by Haslam Sports Group.
The Dallas-based firm announced Tuesday that it will will develop the mixed-use project in Brook Park, Ohio, set to feature 300K SF of retail space and 500K SF of office as well as 1,100 apartments and a pair of upscale hotels.
The cost of the project has been estimated at about $1B.
“Lincoln is working with the Browns and Haslam Sports Group to develop a well-thought-out and compelling vision for a live/work/play destination to complement the new Huntington Bank Field planned for Brook Park,” Lincoln Executive Vice President of Midwest Operations Peter Kelly said in a statement. “Northeast Ohio deserves a vibrant development like this, which will engage residents and visitors alike.”
Lincoln has tackled other major mixed-use projects, including The Star in Frisco, the 91-acre campus of the Dallas Cowboys World Headquarters, and a 10.2-acre development in Charlotte, North Carolina, near Bank of America Stadium, where the Carolina Panthers play.
The development is expected to create more than 3,300 permanent jobs for the region and generate $1.2B annually. The entertainment district will be built in multiple phases, with the first to bring 96K SF of restaurant and retail space, 137K SF of experiential retail, 575 multifamily units and 450 hotel rooms.
“The most important component of any successful mixed-use project is the anchor,” Lincoln co-CEO David Binswanger said in a statement. “The new enclosed stadium will bring year-round events to the surrounding district, activating this region in a way that has never been feasible before.”
In addition to Browns home games, the 67,000-seat stadium is expected to host concerts, sports tournaments and conferences throughout the year. It will be located adjacent to Cleveland Hopkins International Airport.
The $2.4B stadium and the surrounding mixed-use development will be designed by architecture firm HKS.
HKS will also master plan the development. The architecture firm has worked on multipurpose venues across the country, including the Dallas Cowboys’ AT&T Stadium, the Indianapolis Colts’ Lucas Oil Stadium and the Minnesota Vikings' U.S. Bank Stadium.
HKS Partner and Director of Venues Mark A. Williams called the development “a generational project for the region.”
But the project is not an entirely done deal. Browns owners are still negotiating with state and local officials about public financing for the development that would involve borrowing against anticipated tax revenues created by the project.
