From WNBA Cleveland to New Albany Spec Buildings: Sports Economy Drives $250M+ Investment

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In today's newsletter:

Cleveland WNBA Expansion Approved: Dan Gilbert's Rock Entertainment Group secures $250M franchise launching 2028 season with Rocket Arena home games.

New Albany Spec Industrial Surge: Tenby launches 337,000-square-foot Innovation Center targeting research and advanced manufacturing tenants with January 2026 completion.

Groveport Master Plan Advances: Cleveland-based Addison Properties proposes 295-acre residential community accommodating 2,000 residents with mixed-use commercial component.

Sports Economy Infrastructure Impact: WNBA franchise launch validates Cleveland's $170M Cavaliers practice facility investment while demonstrating sports-driven economic development model.

CLEVELAND SECURES $250M WNBA FRANCHISE WITH 2028 LAUNCH TARGETING DOWNTOWN ECONOMIC REVITALIZATION AND LGBTQ+ SPORTS CULTURE LEADERSHIP, CREATING REPLICABLE SPORTS ENTERTAINMENT INVESTMENT MODEL

Dan Gilbert's Rock Entertainment Group won competitive bidding for Cleveland's WNBA franchise returning professional women's basketball after 22-year absence, with Rocket Arena home games beginning 2028 season and 3,000 initial season ticket commitments demonstrating unprecedented fan engagement within 30-hour sales window. [The Buckeye Flame]

Key Highlights:

• $250 million franchise fee represents league's 16th team alongside Detroit and Philadelphia expansion

• Rock Entertainment Group operates Cleveland Cavaliers, Charge, and Monsters through integrated sports portfolio

• Rocket Arena downtown location leverages existing NBA infrastructure and $170M practice facility opening 2027

• 3,000 season ticket reservations secured within first 30 hours of availability launch

• Previous Cleveland Rockers operated 1997-2003 before ownership transition challenges

• LGBTQ+ athlete representation exceeds 44 active players league-wide creating cultural market differentiation

• 2023 NCAA women's Final Four generated $22 million economic impact demonstrating market readiness

• Caitlin Clark rookie season drove 170% viewership increase validating women's sports investment thesis

What Makes It Transformational:

The WNBA franchise creates sustained downtown economic catalyst through 20+ annual home games generating hotel, restaurant, and retail demand while establishing Cleveland as LGBTQ+ sports culture destination.

The franchise validates women's sports investment thesis following Deloitte's $2.35 billion global market valuation projection, creating precedent for Columbus entertainment districts seeking sports-anchored economic development.

For entertainment district investors, the model demonstrates sports franchise effectiveness in driving sustained foot traffic and business activity while creating premium corporate hospitality and sponsorship revenue streams.

NEW ALBANY INNOVATION CENTER ADVANCES WITH 337,000 SQUARE FEET OF SPEC INDUSTRIAL TARGETING RESEARCH AND ADVANCED MANUFACTURING TENANTS, POSITIONING FOR INTEL-ADJACENT CORPORATE RELOCATIONS

Tenby's dual-building spec development on 23 acres at Innovation Campus Way delivers flexible industrial space with 28-foot and 32-foot clear heights targeting companies requiring 9,400 to 215,000 square feet, with January 2026 completion timeline and CBRE leasing partnership demonstrating confidence in New Albany's tech corridor expansion. [Columbus Business First]

Key Highlights:

• 337,000 total square feet across two buildings with flexible tenant configurations

• 215,000-square-foot rear building features 32-foot clear heights for manufacturing operations

• 122,000-square-foot front building includes office-like facade with 28-foot clear heights

• Tenant size flexibility ranges from 9,400 square feet to full building occupancy

• 3-mile proximity to Intel campus construction site creates strategic workforce accessibility

• Neighboring tenants include Amazon Web Services, Axium Packaging, Accel, Amcor, Hims

• VanTrust concurrent 302,400-square-foot spec project represents seventh New Albany development

• January 2026 completion aligns with Intel construction timeline and supplier demand

What Makes It Strategic:

The spec development positions for Intel ecosystem growth while targeting research and development companies requiring sophisticated infrastructure and corporate campus proximity.

New Albany's concentration of spec industrial development demonstrates sustained market confidence in tech corridor expansion, creating competitive advantages for companies seeking advanced manufacturing capabilities near major corporate anchors. The timing aligns with Intel's construction progression and supplier evaluation processes.

For industrial investors, the spec development validates New Albany's transformation into premier tech-focused industrial market while creating opportunities in adjacent properties benefiting from infrastructure improvements and corporate anchor tenant effects.

GROVEPORT ADVANCES 295-ACRE MASTER PLAN ACCOMMODATING 2,000 RESIDENTS WITH STRATEGIC POSITIONING NEAR ANDURIL'S 4,000-EMPLOYEE DEFENSE MANUFACTURING FACILITY, CREATING WORKFORCE HOUSING CATALYST

Cleveland-based Addison Properties' residential master plan spans five development phases including 124 acres of single-family homes, 55 acres of townhomes, 22 acres of multifamily, and 38-acre mixed-use commercial component, with Q2 2027 construction start and 15-year full buildout timeline targeting Anduril workforce proximity. [Columbus Business First]

Key Highlights:

• 295-acre development recently annexed into Groveport with final approval this month

• Five-phase master plan includes single-family, townhome, multifamily, and mixed-use components

• 2,000 total residents capacity across varied housing product types and price points

• Strategic location southeast of Ebright and Sims roads near Route 33 development corridor

• Q2 2027 vertical construction start with 15-20 year complete buildout timeline

• Anduril's 4,000-employee manufacturing facility creates sustained workforce housing demand

• Project unlocks 500+ acres along Route 33 south corridor for additional development

• Mixed-use commercial component provides retail and service amenities for residents

What Makes It Critical:

The master plan creates workforce housing solution for Anduril's manufacturing expansion while establishing Groveport as residential growth destination for Columbus region defense and technology employment.

The strategic timing captures Anduril workforce housing demand before competition increases, while the mixed-use components create complete community amenities supporting resident retention and property appreciation.

For residential investors, the master plan demonstrates Groveport's transformation potential while creating opportunities in adjacent properties benefiting from infrastructure improvements and population growth.

THIS WEEK'S WRAP-UP

Home owners: Cleveland's WNBA success validates sports-driven property appreciation while New Albany's spec development confirms tech corridor growth supporting surrounding residential values. 

Home buyers: Intel-adjacent industrial growth in New Albany creates employment opportunities while Groveport's master plan provides workforce housing options near defense manufacturing expansion.

Investors: Sports entertainment model demonstrates sustained economic catalyst effectiveness while spec industrial development validates tech sector confidence in Central Ohio expansion.

Bottom line: This week demonstrates Central Ohio's comprehensive growth through sports economy development, advanced manufacturing positioning, and strategic workforce housing creation, generating opportunities across entertainment districts, industrial corridors, and residential markets benefiting from major corporate relocations and sustained employment anchor development.

Thinking about capitalizing on these opportunities? Let's chat and connect you with our partners!

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See you next week,

— Gagan Timsina