New Columbus Crew Stadium to be Built in the Arena District
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Local news sources reported this morning that the owners of the Columbus Crew have reached a preliminary deal with Franklin County and City of Columbus.
Plans are to construct a new stadium complex in the Arena District on 10.5 acres largely owned by Nationwide Reality and convert the current Mapfre Stadium in North Columbus along I-71 to a community sports park.
The draft plan obtained by Columbus Dispatch, Columbus Business First and others calls for $140 million in public funds in addition to $155 million in private investment in the project. The Crew’s owners, the Edwards family of Columbus and the Haslam family of Cleveland would agree to a lease term of 30 years at $10 per year with a non-relocation clause built into the deal. By the way, land hasn’t been acquired yet from Nationwide Reality, but is expected to move forward quickly.
Construction on the new 20,000 seat stadium is expected to begin this October with completion in 2021. Crew owners and developers of the project have also committed to build a mixed-use project west and northwest of the stadium including a new 600+ space parking garage as well as a pedestrian bridge to the west side of the Olentangy.
As always, Columbus commercial real estate agents and Columbus commercial Realtors will be thrilled to have a little additional Columbus NNN net lease inventory for lease. I don’t expect any of this to be for sale so nothing here for a 1031 upleg. Triple net Columbus lease space won’t be available for a year or so yet, but I’m happy to get answer to questions you might have. Contact me, Scott Harris Realtor at 614-905-6614.
