The Atlanta Braves organization is moving to Cobb County where it will build a $672 million Major League Baseball stadium and integrated mixed-used development.
The Braves organization will not extend its lease at Turner Field upon its expiration at the end of 2016.
The property has an easy access to the I-75, I-285, U.S. 41 and a variety of other transportation options. The stadium will occupy a portion of the site, with the balance being used for parking, mixed-use development and green space.
The estimated cost of the stadium, parking and related infrastructure is roughly $672 million. Details on financing for the project have not yet been released.
The Braves will be a significant investor, along with Cobb County, in the project.
During construction of the stadium, more than 5,227 jobs will be created, with a total payroll of more than $235 million.
The Braves’ lease at Turner Field, which is owned by the City of Atlanta and the Atlanta-Fulton County Recreation Authority, ends at the conclusion of 2016.
Since the facility opened in 1997, the Braves have invested nearly $125 million in Turner Field.
Turner Field needs $150 million in infrastructure work (including seat replacement, upgrades to the lighting, etc.), none of which would significantly enhance the fan experience. If the Braves were to pay for additional projects focused on improving the fan experience the additional costs could exceed $200 million.
Even with a significant capital investment in Turner Field, there are several issues that cannot be overcome – lack of access to major roadways and lack of control over the development of the surrounding area.
Construction on the new stadium is scheduled to start in the second half of 2014 and will be completed by opening day 2017. The Braves will develop the remaining parcels surrounding the stadium, crafting a world class entertainment district featuring retail, restaurant and hotel options.
Plans for the stadium to be owned by the Cobb-Marietta Coliseum and Exhibit Hall Authority, which also owns the Cobb Galleria Centre and Cobb Energy Performing Arts Centre.