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November 3, 2005
In ballpark figures, every dollar counts
Philadelphia Inquirer, via San Louis Obispo Tribune
by Don Steinberg
Sports team owners are turning into real estate moguls, as the push for new venues now includes large-scale commercial and residential development. [Ratner is the exception of the group, being a real estate mogul first, he bought the Nets as "the centerpiece" (or red herring, whichever your POV) of the Atlantic Yards proposal.]
Ticket sales are important, but they're only part of the modern team owner's local revenue, as the game on the field is becoming a shrinking piece of the contemporary sports venue. [Oakland A's owner Lewis] Wolff's plan has luxury apartments built into the outfield wall, an attached outlet-store mall, restaurants, and maybe a hotel. Rental revenues for these would go toward his construction debts and maybe help the A's be able to afford their starting pitchers longer.
WARNING: The article uses the old $2.5 billion figure for the Ratner complex. The most recent figure puts the Ratner proposal that includes the most expensive arena EVER at $3.5 BILLION.
Posted by lumi at November 3, 2005 7:45 AM