The development of a $1.9 billion dollar professional soccer stadium down the street from its current business location is usually a good thing. There are always those who can get an increase in property value due to the location of the stadiums, but then realize that the traffic of the new place can destroy their ability to do business or can make it difficult to rent their building to a tenant or tenants. You can have a large increase in the market value of real estate and still lose your tenants or lose the usefulness of your building for its current use at the same time.
Appraisers are always asked “how much increase in property value can I expect?” It’s not something that can be easily answered because, as you know, each property is different and each one will benefit more or less from the development of the stadium.
If you own a single family residential home located within 5 miles of the planned stadium I wouldn’t hold my breath regarding the appreciation, the stadium may provide you with great entertainment if you can afford it but you will probably pay more in taxes for its construction than you will ever earn from the appreciation of your home.
The planned domed stadium for Las Vegas will be developed west of Interstate 15 and thus west of the Las Vegas Strip in an area dominated by existing smaller industrial building development.
Therefore, many industrial properties located near the planned site of the domed stadium are likely to increase in value in the coming years. If you look at other professional stadium domes, they may not offer you as many options. ms, I have, you will find that there are (look at AT&T stadium in Arlington, TX for example) 30-50 restaurants around you. Las Vegas is full of restaurants on the Strip, but do fans coming in and out of the dome want to deal with the Strip just to get some food? Yes, they will sell you food inside t
Industrial land often sells in Las Vegas for close to $10 per square foot, but fast food restaurant land sells for close to $25 per square foot. There appears to be positive potential for those wishing to transition their properties from industrial to commercial, and much of the area surrounding the proposed Las Vegas dome stadium has already been planned for commercial tourism use.
Arrowhead Stadium in Kansas City, MO is isolated from most private developments, and Bank of America Stadium in Charlotte is isolated by roads. The Los Angeles Chargers stadium (StubHub Center) is next to Cal State University and still has about 15 fast food restaurants.
Properties must be evaluated on a case-by-case basis and owners must follow the transition of areas near the planned stadium. If the stadium had been planned for the Strip side of the freeway, there probably would have been much less potential for stadium-related development due to relatively high prices due to the influence of the Strip, but west of I-15 there is more possibilities.
Transitioning the area away from small industrial users to stadium-related uses will provide an opportunity for current owners and investors who may benefit from locating near the stadium.