JLL to manage site selection and development of cricket stadiums and associated lifestyle centers in eight U.S. cities
Global Sports Ventures LLC, which last year announced its plans and commitment to establish a professional cricket league in the United States, has taken a major step forward by tapping JLL’s Sports and Entertainment Group as its overall real estate advisor to assist organizers in the development of multiple stadium and mixed use projects in eight US cities by 2020.
Specifically, the JLL Sports & Entertainment Group will provide Global Sports Ventures, a sports development company headed by Chairman Jignesh “Jay” Pandya, with site selection, negotiations and advisory services, as well as oversee development of eight stadiums and adjacent mixed-use “lifestyle” centersacross the country.
“We know our plans are ambitious, and GSV is committed to launching a professional cricket league in the U.S. by 2020,” Pandya said. “JLL will be a key partner in this endeavor. We are quite impressed with the job they did with the Atlanta Braves at SunTrust Park and The Battery, and other similar stadium centric assignments across the country.”
The U.S. Cricket League will comprise eight charter locations in states where cricket already has a highly established following: New York, New Jersey; Washington, D.C.; Georgia; Florida; Texas;Illinois and California.The U.S. Cricket League will expand into four to six additional markets after its initial launch in 2020.
The prototypical stadium complex will comprise a cricket stadium, parking, club house, restaurants, hotels, retail, residential, and office space. Each development will be individually designed to create an exciting and interactive lifestyle center while generating signifigant economic impact for each city. Global Sports Ventures LLC estimates the first eight stadiums and surrounding development will represent a $2.4 billion investment and create approximately 17,000 jobs.
JLL has commenced the site selection process for the new stadiums and mixed-use developments and is reviewing multiple sites within the eight targeted markets, said David Demarest, International Directorat JLL. The cricket stadiums are expected to cost between $70-125 million with the ancillary developments addingan additional $80-100 million each of mixed use product.The group expects to initial targeted sites shortly.
“Our Sports & Entertainment Group is in the unique position of offering development advisory services for each step of this important process,” Demarest said of helping GSV create a new sports league. “We will leverage the overall JLL services platform together with our experience with the Braves and other sports development assignments. Each cricket-anchored development will create hundreds of temporary and permanent jobs to the local economies and enhance the overall infrastructure for each community.”
The JLL Sports & Entertainment Group provided the entire spectrum of real estate and advisory services for the Atlanta Braves, which opened SunTrust Park and the adjacent mixed-use development calledThe Battery in April. Services JLL provided included site selection and acquisition, master planning joint venture negotiations,financing, entitlements,and project management.
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
