📰 What Happened: Jimmy and Dee Haslam, owners of the NFL’s Cleveland Browns, are at odds with Dan Gilbert, owner of the NBA’s Cleveland Cavaliers. The billionaires have competing visions for Cleveland’s urban future. The Haslams plan to move the Browns to a suburban stadium by 2029, even as Gilbert moves ahead with a $3 billion riverfront development project in Downtown Cleveland.
🔍 A Closer Look: The Haslams’ centerpiece will be a $2.4 billion stadium in Brook Park with retail, housing, and offices. The proposal is backed by $600 million in state funds, but Cleveland officials aren't sold yet. Meanwhile, Gilbert’s mixed use riverfront project has offices, apartments, and entertainment, backed by $1 billion in tax increment financing. It also appears to align more with the city’s long-term plans.
🧠 Why It Matters: The future of Cleveland’s urban development landscape for years to come could be decided at this fork in the road. Whatever plan Cleveland city officials decide to move forward with, the winners will play a key role in reshaping Cleveland’s real estate market and urban profile. Will the pandemic popularity of the ‘burbs endure, or are we all heading back to urban cores?
