Propertize Ventures has announced its comprehensive vision to construct modern mixed-use projects throughout the United States. These new developments seek to revolutionize their respective communities, featuring state-of-the-art sports and entertainment facilities at their core. Specifically targeting underserved mid-sized markets across the country, Propertize Ventures aims to bring a new era of vibrant and dynamic urban living.
“These mixed-use projects are going to have generational effects and serve as a community gathering place for decades to come”, stated Steven Mann, General Partner of Propertize Ventures. “This is a gamechanger for these mid-sized markets that are currently underserved for sporting and entertainment options. Propertize Ventures’ vision perfectly aligns with the city’s vision which is to provide the best community to live, work, and play!”
The multi-purpose sports and entertainment venues will be designed as year-round outdoor destinations, accommodating a lineup of up to 200 events annually. From minor league baseball games, concerts, and festivals to a wide array of amateur sporting events such as softball, rugby, lacrosse, soccer, and football, the venues will cater to diverse interests and foster a sense of inclusivity. Complementing these facilities, the mixed-use development will incorporate a rich array of amenities, including restaurants, immersive technology experiences, retail options, office spaces, and multi-family housing. This thoughtful combination is intended to cultivate a vibrant and thriving community that truly offers something for everyone.
Pete Dordick, Senior Advisor and Director of Development for Propertize commented that in recent years, the role of these multi-purpose entertainment venues has evolved beyond mere settings for recreational outings. They have become catalysts for downtown revivals and the revitalization of entire urban areas, luring people back to the city centers. The strategic placement of new ballparks in downtown locations has sparked a renaissance, leading to the construction of new residences, the emergence of new dining experiences, the diversiﬁcation of retail offerings, and the ﬂourishing of businesses. Above all, these developments are seen as indispensable gathering spaces, fostering a sense of unity and camaraderie within urban hubs.
Recent reports from Forbes Magazine highlight the remarkable transformation that entertainment destinations have brought to underserved communities. One shining example can be found in Fayetteville, N.C., where a struggling downtown experienced a resurgence thanks to an ambitious urban revitalization project backed by the city council’s commitment of over $100 million. Central to this revitalization effort was the development of a $40.2 million downtown ballpark.
The ripple effect of this initiative has been significant. As new enterprises arrived in waves, starting with small businesses, a flourishing ecosystem emerged. This led to the creation of a brand-new Class A apartment community, parking garage, and contemporary office spaces. Since its grand opening, the ballpark has attracted more than 30 new businesses to its surroundings, including 54,000 square feet of new residential development, with another 150,000 square feet planned. This broad growth and rejuvenation are testaments to the power of strategic investment in entertainment destinations.
The success story continues in Sugar Land, Texas, where company leaders intended Constellation Field to be more than just the home of the city’s Triple-A Space Cowboys MiLB team-it became the community’s “home base” in every sense. In 2017, the stadium even provided temporary shelter to those affected by Hurricane Harvey, reflecting the Space Cowboys’ spirit of community involvement. The stadium has become a pillar of community philanthropy, hosting volunteer fairs, blood drives, and fostering a strong sense of belonging among residents.
Summerlin, NV, has also experienced a resurgence following the relocation of a California MiLB franchise and the grand unveiling of the $150 million downtown Las Vegas Ballpark by The Howard Hughes Corp. This impressive stadium, with its 10,000-seat capacity, serves as the home of the Triple-A Las Vegas Aviators, an Oakland A’s affiliate. The park’s arrival has ignited more than $200 million in new development in Clark County, including the towering 10-story, 267,000-square-foot downtown Summerlin office building known as 1700 Pavilion. Last year alone, following the team’s relocation and the stadium’s opening, the city witnessed a surge in real estate sales, with 1,456 new homes sold, representing a 10% increase compared to two years prior.
These success stories underscore the impact that entertainment destinations can have on revitalizing communities. From breathing new life into struggling downtowns to fostering economic growth and community engagement, these developments are changing the landscape and igniting a renewed sense of pride among residents.
Propertize Ventures is bolstering planned acquisitions and investments through its proprietary combination of Geoinformatic technologies and Bloomberg Professional. By creating comprehensive maps and models of potential acquisition sites, they gain an in-depth understanding of land use, zoning, transportation, and urban design elements. This knowledge empowers them to identify the most promising areas for development and investment. With a focus on excellence, innovation, and community engagement, Propertize Ventures is setting out to redefine the landscape of mid-sized markets and create lasting impacts on the communities they serve.
About Propertize Ventures
Propertize Ventures is a seasoned real estate development company committed to creating vibrant and dynamic communities through innovative mixed-use projects. With a focus on underserved mid-sized markets, Propertize Ventures integrates versatile sports and entertainment facilities, enticing amenities, and cutting-edge technology to revolutionize urban living. By embracing community engagement and delivering visionary solutions, Propertize Ventures aims to shape the future of real estate development across the United States.
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SOURCE: Propertize Ventures