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R E A L E S TAT E T he thriving neighborhood next to Atlan- ta's SunTrust Park, dubbed e Battery, is reaping rewards for investors and the community alike. Since opening in March 2017, the ballpark and mixed-use develop- ment have brought in $19 million of tax revenue, according to a study by the Geor- gia Tech Center for Economic Development Research. Atlanta is one of several U.S. cities where a sports stadium is fostering real estate devel- opment in the surrounding neighborhood. League owners and real estate developers are seeing the opportunity to tap into the energy surrounding ballparks and other stadiums to create thriving mini-neighborhoods with mixed-use developments, as opposed to the stand-alone stadiums of yesteryear. e Braves' vision is one that many teams share: a world-class ballpark surrounded by a true live-work-play village. e Braves were first to pull this off at so large a scale, and that helped prove to other teams that a dynamic neighborhood can be a game changer when it comes to ticket sales and overall fan expe- rience. Developers are increasingly investing in these mini-neighborhoods anchored by sta- diums. One clear motivator of cultivating a more vibrant community is it can trans- late into higher and more sustained ticket sales. But there is potential for positive syn- ergy between the neighbors in these devel- opments, too. e right mix of surround- ing businesses can reap significant benefits because there is a captive audience of about 2 million people per year, most of whom are coming out with the expectation they will spend money on entertainment. For a retail store or restaurant, their revenues are higher around a stadium than they would be in a typical area. Of course, a true neighborhood is more than just a happening place to visit. It is also a place where people live and work. Unlike a play-only stadium location — where neighboring businesses rise and fall based on the team's schedule — an attractive neighborhood can sustain economic momen- tum all year long. at is one reason urban planners from San Francisco to Detroit are purposefully incorporating sports arenas into new mixed-use development in their community revitalization efforts. U.S. sports teams are moving downtown, following the mass migration of Americans into cities, and stadium development is unlikely to slow anytime soon. In Arizona, for example, the Diamondbacks are embark- ing on a years-long process to relocate, and mini-neighborhoods may be a prize part of the strategy. But not all urban locations are created equal, and achieving a mini-neighborhood is not a short-term feat. Finding land, including space to park, is a challenge in heavily populated areas, but deep technology-driven analysis can often turn up hidden opportunities in the form of land that is not only suitable for ballpark construction, but with a population that can support a thriving mixed-use development. Existing stadiums can also invest in thriv- ing work-live-play developments around their current location. It starts with assessing neighborhood readiness for revitalization, then carefully managing logistics throughout the investment, negotiation and develop- ment processes. Purposeful investment strategies can pay off. Around Boston's Fenway Park, for exam- ple, the presence of the Red Sox — paired with 15 years of continual investment in real estate development — has helped fuel one of the city's most flourishing neighborhoods. Industry analysis suggests investor inter- est could heat up for mini-neighborhoods. Paired with higher ticket sales and thriving next-door neighbors, it could be a win-win for the whole community. The original version of this article appears on the JLL website and can be accessed at this link: https://bit.ly/2D4rakB. Game night for investors Why stand-alone stadiums are a thing of the past Economic Development REALASSETS ADVISER | D E C E M B E R 2 0 1 8 19