Great news of the development at the Hall of Fame Village! HOV has already invested $250 million of capital to build the first phase of its mixed-use complex, including a 100,000-square-foot office building currently under construction, a 23,000-seat sports and entertainment stadium, a youth sports complex and the networks to support additional expansion plans.
Published by: Mark Heschmeyer/CoStar News
Published date: August 2019
A 200-acre, $889 million, mixed-use center at the Pro Football Hall of Fame is expected to get a financial boost, the latest pro sports hall of fame to have ties to nearby development.
Gordon Pointe Acquisition Corp., a special-purpose acquisition company, entered into a nonbinding agreement to acquire the developer of Johnson Controls Hall of Fame Village in Canton, Ohio.
The developer, which goes by the same name as the center, is a sports, entertainment and media company that operates as a for-profit subsidiary of the Hall of Fame and Industrial Realty Group. It is led by Mike Crawford, a former senior executive at Walt Disney Co. and Four Seasons Hotels and Resorts.
The purchase, if completed, is intended to provide additional growth capital for further development and expansion of Hall of Fame Village, a real estate project developers hope will be a top destination for football fans in 2020, the centennial of the NFL. The league’s founding dates back to its launch in Canton in September 1920.
The village, while unique, isn’t the only professional sports halls of fame upgrade in the works. The Naismith Memorial Basketball Hall of Fame in Springfield, Massachusetts, is completing a $22 million renovation as it embarks on a marketing campaign with MGM Resorts on a new $960 million casino and entertainment complex currently being developed separately in downtown Springfield.
“This is a singular investment opportunity to participate in the popularity and growth of one of the most powerful brands in sports. We look forward to working with Mike Crawford and his team at the Hall of Fame Village and the Pro Football Hall of Fame in completing this transaction,” James Dolan, CEO and chairman of Gordon Pointe, said in a statement.
Dolan formed Gordon Pointe and raised $125 million in its initial public offering in January 2018.
Hall of Fame Village has already invested $250 million of capital to build the first phase of its mixed-use complex, including a 100,000-square-foot office building currently under construction, a 23,000-seat sports and entertainment stadium, a youth sports complex and the networks to support additional expansion plans.
The company has significant local and regional support, including low-cost public financing, and is located within a federally qualified Opportunity Zone, making some investment in new development eligible for federal tax breaks. Gordon Pointe said it may use the Opportunity Zone designation as a way to raise additional funds for the complex.
The stadium hosts the Hall of Fame game preceding the annual enshrinement of NFL players, which took place this past weekend. This year, the Denver Broncos defeated the Atlanta Falcons 14-10. The new entertainment venue for the region has also hosted concerts for musicians Tim McGraw, Maroon 5 and Imagine Dragons.
The next planned phase of expansion includes the potential addition of the Black College Football Hall of Fame, two premium branded hotels, an indoor water park, an office complex, a convention center and field house and a retail promenade.
The company anticipates having all components fully running by the end of 2022.
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