CLEVELAND — As the Clevland Browns continue to pursue plans to relocate their stadium from downtown Cleveland to Brook Park, an economic impact report has now been released by the team.
The study, which was done by RCLCO, a real estate consulting group, was conducted over the past 24 months. The report outlines a vision for the domed stadium and mixed-use development. It also focuses on how the dome will impact the region's economy.
In a key findings section of the report, RCLCO states that "the Brook Park dome stadium is primed for success as an anchor for mixed-use development and as a catalyst to create transformative economic impact for Northeast Ohio and the state."
The report also noted that other sports-anchored projects have succeeded, such as The Battery in Atlanta, Georgia and Titletown in Green Bay, Wisconsin.
RCLCO noted that these mixed-use developments have revitalized underutilized areas, transforming them into successful destinations for residents and visitors.
ECONOMIC IMPACT FOR CUYAHOGA COUNTY
According to the report, the Brook Park project is expected to generate an annual economic impact of $1.2 billion for Cuyahoga County. This reportedly includes $550 million from surrounding mixed-use facilities and $217 million from events hosted at the dome.
Additionally, nearly 5,400 permanent jobs are expected to be created, with roles spread across the stadium, adjacent businesses and services supporting visitors.
IMPLICATIONS FOR DOWNTOWN CLEVELAND
According to the findings from RCLCO, despite the Browns moving from the lakefront, "the new domed stadium will bring significant benefits to the City of Cleveland and its Downtown."
The study declares that increased activity will draw more visitors to Northeast Ohio, increasing the number of people who stay and dine in downtown Cleveland.
In addition, RCLCO noted that bars, restaurants, and hotels in downtown Cleveland could see an $11 million annual increase in spending due to increased programming and more visitors on a year-round basis.
Additionally, vacating the lakefront site opens 20-plus acres for redevelopment, potentially accommodating up to 2 million square feet of mixed-use space.
The study claims that the shift will build on Mayor Justin Bibb's commitment to Cleveland’s broader lakefront revitalization plans, which have already secured over $80 million in funding.
RCLCO also noted that recent projections have indicated that the City of Cleveland could lose approximately $11 million in tax revenue. However, they noted that the city could offset these losses by eliminating expenses for maintaining and operating the current stadium under its lease agreement with the Browns.
Previously, the city of Cleveland released a report from EConsult Solutions that broke down the possible economic and fiscal impacts of the Browns leaving downtown. That report outlined substantial potential losses for the city of Cleveland, including an estimated annual loss of at least $30 million in economic output and approximately $11 million in tax revenue.
EXPANDING NORTHEAST OHIO'S REACH FOR EVENTS
The study specifically noted that the new stadium aims to address the limitations of the Browns’ current open-air venue. According to the study, the Brook Park dome could host three to four times more concerts and major events annually, drawing an estimated 1.5 million additional visitors to the region.
RCLCO noted that many major events in 2024 bypassed Cleveland for domed stadiums in Detroit, Minneapolis and Indianapolis.
The report highlighted that the domed venue would complement existing facilities like Rocket Mortgage FieldHouse by hosting different types of events, adding to the region's overall event capacity.
The full Executive Summary of the Market Analysis and Impact Report for The Cleveland Browns' mixed-use project in Brook Park can be viewed below:
Haslam Sports Group COO Dave Jenkins released the following statement to 3News on the RCLCO study:
For the past 24 months, we have worked closely with RCLCO, a nationally renowned real estate consultancy, to help guide us with our future stadium planning process. Their expertise analyzing job creation, event attraction, and office/retail needs in relation to sports venue-anchored real estate developments reinforced three primary conclusions, which underscore why a new Huntington Bank Field enclosed stadium in Brook Park will have a transformative impact on the Northeast Ohio region and Greater Cleveland.
1. The new enclosed stadium, with numerous premier events and year-round activity, will have a significant economic impact throughout Northeast Ohio, including downtown Cleveland, in ways currently not experienced. Such events will attract new visitors without cannibalizing existing venues.
2. The mixed-use development, connected to the new enclosed stadium in Brook Park, will successfully attract new and unique visitors to experiential retail spaces, multi-unit housing, office space and much-needed hotel rooms to the area.
3. The lakefront, without the intrusion of the stadium, can be redeveloped and reimagined, creating new sources for economic impact in Cleveland.
REACTION FROM CUYAHOGA COUNTY
The following statement was released by Cuyahoga County officials after the new stadium report was released Thursday:
Haslam Sports Group has not shared its economic impact study with us. We don’t want to engage in a game of political football, but a biased report attempting to justify an unprecedented sum of taxpayer money for a new stadium does not change our position, and we’re going to have to throw a flag on the play.
Economic impact studies commissioned by organizations with a vested interest often present overly optimistic projections that do not reflect the financial realities faced by local governments and taxpayers. Our residents remain our top priority, and we want to ensure that any public participation benefits them, our communities, and the investments the public and private sector have already made.
The City of Cleveland also released the following statement to 3News:
While the Cleveland Browns' economic impact report suggests potential benefits to the region with their move to Brook Park, we don't need a study to understand the fundamental truth: fewer people in our downtown area means less vibrancy and economic activity for our city and our businesses. A vibrant city thrives on foot traffic and economic activity. Putting Cleveland first, we must prioritize maintaining and growing our Cleveland neighborhoods.