News & Insights
Photo courtesy of: Greg Land
As sports teams and communities across the country grapple with aging venues, the question remains: should we renovate or rebuild? This decision is about more than just bricks and mortar—it’s about maximizing revenue, enhancing the fan experience, staying competitive in recruiting talent, and aligning the venue with the community’s and team’s unique brand. Whether an aging ballpark, stadium, or arena, the choice between renovation and new construction requires careful evaluation of cost, opportunity, fan loyalty, and long-term vision.
Renovation may seem like the fiscally conservative option, but it isn’t always the best one. Modernizing infrastructure, updating amenities, and reconfiguring seating can breathe new life into aging facilities at a fraction of the cost of a full rebuild. But these projects aren’t always straightforward. Older venues may present challenges with obsolete systems, limited structural flexibility, and site constraints—factors that can cause costs to balloon unexpectedly.
By contrast, building a new venue offers a clean slate—one that allows for the design of modern fan experiences, operational efficiency, and mixed-use integration from the ground up. However, these projects come with steep price tags, often ranging from $500 million to over $2 billion.
Funding is often one of the most significant hurdles in venue development. Rarely are these projects financed entirely by either the team or the local community. Instead, public-private partnerships are typically required to make the development financially viable. While proponents argue that stadiums and arenas spur economic growth, create jobs, and revitalize neighborhoods, critics question the return on investment for taxpayers. Voter pushbacks have derailed or delayed numerous development proposals in recent years.
Still, some communities have navigated this terrain successfully. Strategies like public-private partnerships, tax increment financing (TIF), and the use of tourism or hotel taxes have helped make new venues a reality without overburdening local taxpayers. Yet, gaining broad community buy-in remains essential.
Several newly built venues have demonstrated the economic upside of going big. SoFi Stadium in Los Angeles, which opened in 2020, has already hosted the Super Bowl, the College Football Playoff National Championship, and will play a key role in the 2028 Olympics. It has also become a major draw for concerts and global events, generating significant revenue through premium seating, sponsorships, naming rights, and media deals. Its surrounding mixed-use district, Hollywood Park, adds further value through retail leases, residential development, and office space—creating a long-term, diversified income stream for developers and public stakeholders alike.
In Atlanta, Truist Park serves as the anchor to The Battery—a vibrant mixed-use district that has redefined the fan experience and created a year-round destination for residents and tourists. Restaurants, bars, apartments, and hotels contribute to continuous activity and spending that extends beyond baseball season. This model addressed the shortcomings of Turner Field, the Braves’ former home, which lacked surrounding development and struggled to create a cohesive game-day environment.
Arenas have followed similar trajectories. For example, the Chase Center in San Francisco—home of the Golden State Warriors—combines an NBA arena with the surrounding Thrive City development. With retail, restaurants, open space, and programming year-round, the privately financed arena has revitalized a stretch of San Francisco’s waterfront and become a magnet for events, concerts, and corporate partnerships. The venue demonstrates how indoor facilities, when integrated with mixed-use planning, can deliver sustained economic and cultural impact.
Venue design has entered a new era. Today’s fans want more than just a seat—they expect a dynamic, engaging experience. Features like high-speed Wi-Fi, specialty food and beverage offerings, unique premium spaces, and interactive fan zones are no longer nice-to-haves—they’re expected. This shift is driving both new builds and renovations to reimagine how stadiums and arenas are designed and programmed.
This evolution places additional pressure on aging facilities. Retrofitting old venues to meet new demands can be cost-prohibitive or functionally impossible, especially when considering ADA compliance, sustainability goals, and enhanced user experience.
Yet some legacy venues have successfully reinvented themselves. Dodger Stadium in Los Angeles, originally built in 1962, has undergone several waves of renovation, including a $100 million overhaul completed in 2020 that added new plazas, elevators, social spaces, and improved accessibility. A recently completed renovation also upgraded player clubhouse facilities—all while preserving its historic charm. Similarly, Chicago’s Wrigley Field has been revitalized through a multi-year renovation known as the 1060 Project, which reportedly cost around $550 million. The upgrades included structural improvements, enhanced player facilities, expanded concourses, and new high-end suites and fan amenities. The adjacent Gallagher Way plaza, developed by the Cubs organization, transformed the surrounding area into a bustling hub with shops, restaurants, and event space—successfully blending historical preservation with modern-day revenue generation.
Mixed-use districts are increasingly central to the success of modern venue projects—whether they’re attached to new facilities or thoughtfully integrated into existing ones. These developments extend the venue’s value beyond game day, creating vibrant, multi-functional destinations that serve their communities year-round. They increase foot traffic and local spending, while also creating opportunities for community engagement, housing, and business development.
For cities, these districts can revitalize underutilized neighborhoods, generate new tax revenues, and position the stadium or arena as a civic asset rather than a seasonal destination. Cities benefit not just from ticket sales or retail activity, but also from job creation, tourism, and infrastructure improvements.
For universities, mixed-use developments offer a way to modernize campus life, support enrollment and retention, and bridge the town-gown gap. The University of Tennessee’s growing athletic district is a compelling example of how institutions are embracing these projects to enhance both campus life and local connectivity. The plans include upgraded athletic facilities, improved pedestrian access, and integrated retail and public space—all benefiting students and driving economic activity in Knoxville.
In both contexts, these districts shift the perception of venues from single-use assets to catalysts for economic and social value.
If your team or community is evaluating whether to renovate or rebuild, here are key issues to consider:
There’s no one-size-fits-all answer. What’s clear is that stadiums and arenas no longer stand alone. Whether preserved or replaced, their success increasingly depends on the broader ecosystem they inhabit—residential, commercial, cultural, and civic.
Aidan Lebow is an associate at Brailsford & Dunlavey’s Washington, D.C. office, where he supports clients in the K-12, municipal, and venue sectors. He specializes in conducting market and demand analyses to inform project programming and drive impactful outcomes. Prior to joining B&D, Aidan worked at a real estate advisory firm in San Francisco, leading projects across various real estate segments, including multifamily developments and private schools. He holds a B.A. in Community and Regional Planning from California Polytechnic State University.
