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Related’s Bruce Beal says the stadium test is what happens without a game
Related Companies president Bruce Beal Jr. says new stadiums must anchor neighborhoods that work year-round, with developers committing to completion dates. In one review of 50 owner-side executives, 23 had verified venue work. The repeat experience sits with a few outside firms.
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A stadium’s district has to work on non-game days: Beal argued venues should anchor year-round neighborhoods with housing, restaurants and retail, and at Willets Point 880 affordable apartments opened before the stadium is scheduled to.
For most team executives, a stadium is a once-in-a-career project, while the five firms that turned up most often in one review appeared on 75% of recent North American builds.
Finance is the thinnest bench: of the nine owner-side finance executives STR could classify on active or planned projects, eight had no comparable venue capital program on record—leaving that seat to plan capital and financing for a decades-long asset.
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