CLEVELAND — A new analysis released by the city of Cleveland shows the possible economic and fiscal impacts of the Cleveland Browns relocating to a new stadium in Brook Park.
It was conducted by EConsult Solutions. You can read the full report at the bottom of this story.
This study -- showing downtown Cleveland’s economy could take a hit due to the potential loss of events and economic activity should the Browns move to Brook Park -- is the latest in a back-and-forth between the city and Cleveland Browns owners Jimmy and Dee Haslam over the team’s future location.
The report outlines 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. Additionally, the market evaluation reveals significant challenges for the proposed mixed-use development around the new stadium.
One key finding is that Cleveland stands to lose at least $30 million annually in total direct, indirect and induced economic output due to the relocation. Approximately $14 million of this loss pertains to employee compensation supporting around 360 jobs. Each year, Cleveland could also lose around $11 million in tax revenue due to reduced team operations and visitor spending.
The report additionally questioned whether there is sufficient demand for the mixed-use project in Brook Park. The report notes an entertainment district -- including residential units, retail, hotels, office space and the stadium itself -- differs from the surrounding areas, which are mostly industrial, thus limiting the development’s marketability.
The report also notes the district’s marketability could be impacted by noise or air pollution in the area, as well as, limited pedestrian accessibility to the site.
You can read the full report below: