It’s Brook Park

This is a conceptual rendering commissioned by the Haslam Sports Group showing
the future home of the Cleveland Browns in suburban Brook Park along with park-
ing and stadium-area development, starting with a hotel, restaurants, shops and
public spaces (anonymous). CLICK IMAGES TO ENLARGE THEM.

A COMMENTARY

In the coming weeks, the owners of the Cleveland Browns will reveal their plans to build a $3.6 billion domed stadium and associated development in the Cleveland suburb of Brook Park. According to public sector sources familiar with the plans, owners Jimmy and Dee Haslam have their capital funding identified for the stadium and a small first phase of development.

Cost of the new domed stadium and the provision of about 20,000 parking spaces, almost entirely in surface lots, is estimated at $2.2 billion. Half of that will be privately funded and create new tax revenues that will fund the other half. Much of the funding for the stadium will come from bonds serviced by new stadium-related revenues and city, county and state taxes generated by stadium activities and employment. Another $1.4 billion in private, stadium-area development is planned.

The Haslams have reportedly identified their bond financing firm, a company with lots of experience in financing sports stadiums, arenas and entertainment venues. And they have hired their joint-venture construction management team for the Brook Park site — M.A. Mortenson Co. of Minneapolis and Independence Construction of Independence, soon to be relocated to Brecksville.

READ MORE