Atlanta Selected for Professional Cricket League and Mixed-Use Stadium Complex
Friday, July 14th, 2017
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” centers across 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 Director at JLL. The cricket stadiums are expected to cost between $70-125 million with the ancillary developments adding an 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.”