Following the Economists Panel was the Sports Panel. Key characters from this group were: Michael Bidwill, Arizona Cardinals; Jerry Colangelo, JDM Partners; Steve Patterson, ASU; Jason Rowley, Phoenix Suns; moderated by Grady Gammage Jr.
This was a very interesting panel and one that I have never seen before. We had the owner of the NFL Team, the former owner of the Suns & Diamondbacks and ASU all at one setting to discuss the impact these teams have on our local economy.
Here are a few of the bullet points:
- In 2008, the Super Bowl had a $500M economic impact locally
- Parking is always a challenge when paired with retail and football games
- They have over 200 events annually at the stadium - which is why when the built it, they wanted to allow for a mulit-purpose
- Chase Field fka Bank One Ballpark (BOB) was the first retractable roof in the country
- ASU has created a "Sports Eco District" around ASU for future development of the stadium or replacement of the stadium
- AZ is at a disadvantage when competing against TX for the Super Bowl because TX has a Super Bowl Legislation (incentives)
- All sports arenas have a useful life and then have to be rebuilt
- Teams are a quality of life for the community
- Phoenix Metro is 1 of 11 cities to have all Professional Sports teams
- Naming rights on the stadiums not only provide sponsor dollars to the teams but also helps the companies attract talent to their companies
- A lot of people have lost money on the Coyotes
- Phoenix Metro is a good 4 sports team market
- There has been a trend of people moving from the professional sports back to their college because of the personal attachment people have to their Alma Mater
The panel believes that the West Valley will boom over the next decade because of the investment that was made in the new stadium. The planned developments were unfortunately a victim of the recession.
Again, I have to believe this was the first time to have a panel like this in front of a room full of commercial real estate practitioners. If you are there, what did you takeaway?